Destini subsidiary wins Petronas Carigali contract

Regional oil field service company Destini Oil Services Sdn Bhd, a wholly-owned subsidiary of Destini Bhd (Destini), has won an umbrella contract to provide well abandonment integrated services for Petronas Carigali Sdn Bhd.

In a filing with Bursa Malaysia today, the group said the tenure of the umbrella contract was for two years commencing March 29, 2018 to March 28, 2020, with an option for a one year extension.

“On assumption that services under the umbrella contract are requested by Petronas Carigali, the contract is expected to contribute positively to the earnings and net assets of Destini for the financial year ending Dec 31, 2018, and the financial periods in the duration of the contract as well as for the extension, if the option is exercised,” it said.