1. Introduction

The Board of Directors of Uzma ("Uzma" or "the Company") is pleased to announce that MMSVS Group Holding Co. Ltd. Thailand, a foreign subsidiary of the Company has accepted a contract extension from Medco Energi Thailand (Bualuang) Limited ("Medco") for the Provision of Hydraulic Workover Unit (HWU) Services (Call-out) for Bualuang ("Contract"), pursuant to Medco's amendment to contract issued on 18th March 2024.

2. Salient Terms

The salient terms of the Contract are as follows: -

(a)  the scope of works comprises of the provision of Hydraulic Workover Unit (HWU) and associated equipment service required for workover and well services activities at offshore Thailand; and

(b)  The Contract is set to be become effective on 20th March 2024 and shall remain valid for a period of two (2) years until 19th March 2026. The Contract is a continuation from the previous award on 20th March 2021.

3. Risk Factors

Potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions.

4. Financial Effects

The Contract will not have any effect on the share capital and shareholding structure of the Company as it does not involve the issuance of ordinary shares in the Company. However, it is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2024 and onwards until the expiry of the Contract.

5. Directors’ and Major Shareholders’ Interests

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of Uzma has any direct or indirect interest in the Contract.

6. Directors’ Statement

The Board of Directors of the Company, after considering all the relevant factors, is of the opinion that the acceptance of the Contract is in the best interest of the Company.

This announcement is dated 19 March 2024.