PJBUMI UNIT ENTERS CONTRACT TO BUY DRILLING RIGS FOR RM161.64 MLN

KUALA LUMPUR, Jan 20 (Bernama) -- PJBumi Bhd’s indirect wholly-owned subsidiary, Rig Capital Pte Ltd, has signed a contract to purchase five sets of drilling rig from Gaoyou Hao Xiang Petroleum Machinery Co Ltd for RM161.64 million.

The contract, which is subject to securing financing and shareholders’ approval, is to facilitate oil and gas integrated project management drilling services in Indonesia, it said in a Bursa Malaysia filing today.

PJBumi said the contract will not have any material effect on the issued and paid-up capital, substantial shareholders' shareholding, earnings per share, net asset per share and gearing of the company and its subsidiaries for the financial year ending June 30, 2026, until the issuance of the purchase order to the seller.

“The company shall make necessary announcement as and when there are any material developments on the above matter,” it added. 

PJBumi’s board of directors, after due consideration of all aspects of the contract, is of the opinion that the contract is in the company’s best interest and is fair and reasonable.

The company said that the seller guarantees that the contract equipment will be completely new, advanced in technology, superior in quality, and in accordance with American Petroleum Institute (API) standard, free from any defect in design, material, and workmanship, and suitable for the use and purpose under the contract.

“The seller will dispatch qualified technical personnel in due time to provide professional, correct, and efficient technical service and technical training if required by the buyer.

“The warranty period of the contract item will be18 months starting from the date of the bill of lading or 12 months from the signing of the acceptance certificate by both parties’ representatives at well/project site, whichever comes earlier,” it added. 

-- BERNAMA