KUALA LUMPUR: With the optimism of a potential increase in oil and gas activities resulting from the recent rise in oil prices, Destini Bhd received a letter of award to extend its tubular running services to Pakistan for US$8 million (RM31.76 million).
The letter of award names Destini’s wholly-owned subsidiary Destini Oil Services Sdn Bhd (DOS) as a technical partner for tubular running services for Pakistanbased Lyallpur Oil Tool Pvt Ltd (LOT). LOT is a downhole drilling company that has exposure in the Middle East and North Africa.
In accordance with the letter of award, DOS will provide specialised oilfield equipment and experienced expatriate personnel for LOT to execute tubular running services in Pakistan for two years with an option to extend for another year.
Destini president and group CEO Datuk Rozabil Abdul Rahman said that once work begins, the group’s tubular running services in Pakistan will contribute positively to the group’s earnings during the contract period.
On Bursa Malaysia today, Destini fell 6.3% to 22.5 sen on volume of 7.7 million shares.