Sarawak Shell/Sabah Shell Petroleum Company Awards Reservoir Link Contract

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Reservoir Link Energy Bhd, a provider of energy-related services, has been awarded a contract by Sarawak Shell Bhd/Sabah Shell Petroleum Company Ltd (SSB/SSPC) to supply slickline equipment and services.

Reservoir Link announced Tuesday in a stock exchange filing that its wholly-owned subsidiary Reservoir Link Sdn Bhd has obtained a letter of award for the job.

Reservoir Link will serve as the lead contractor, providing slickline equipment and services for rig-assisted well completion activities, and as a backup contractor for non-rig-assisted well interventions.

The scope of work involves the supply of lightweight zone II slickline bundles to support SSB/well SSPC’s completion and routine and non-routine well intervention operations.

The contract price will be determined using the unit rates specified in the contract terms.

The deal will begin on September 3, 2021 and will last for three years.

During the term of the deal, the contract is expected to contribute positively to the Reservoir Link’s earnings and net assets.

“With our expertise in handling such works, we are confident that we will be able to provide Shell and all of our existing customers with high-quality services.

“We are always improving our services through novel technology in order to remain competitive and have a stronger position in the industry,” Reservoir Link executive director Thien Chiet Chai stated.

Reservoir Link’s share price increased 2.5 sen or 4.07 percent to 64 sen at the noon break, valuing the group at RM165.55 million.

Published by Zack Baharum

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