KUALA LUMPUR (Bernama) -- Handal Energy Bhd’s (Handal) wholly-owned subsidiary Handal Cranes Sdn Bhd has bagged an extended contract from SEA Hibiscus Sdn Bhd for the provision of offshore crane maintenance services.

       The oil and gas services provider said the new agreement extends Handal Cranes’ contract from Oct 31, 2021 to Oct 30, 2022.

       However, it did not specify the value of the contract extension as it runs on a "call-out” basis in which SEA Hibiscus would issue a work order to Handal based on their activity schedule and rates throughout the duration of the contract.

       Handal group managing director of Handal Sunildeep Dhaliwal said the extension of this contract would contribute positively to the company’s earnings for the financial year ending June 30, 2022.

       "Handal returned to profitability in the financial year ended June 30, 2021, and we will continue to ensure business sustainability and profitability, with more project tenders in the pipeline,” he said in a statement.

       At the market close today, Handal’s share price was traded half-a-sen sen higher at 23 sen with 105,000 shares traded.