Risk Transfer Incentive Contract, wot?
Dateline 2021-08-09, Malaysian Reserve:
Uzma Bhd through its wholly-owned subsidiary Uzma Engineering Sdn. Bhd. secured a Work Order Award from PETRONAS Carigali Sdn. Bhd. for the Provision of a Risk Transfer Incentive Contract (RTIC) for Idle Wells Reactivation and Production Enhancement Services for Sabah assets.
In a statement today the company said the contract duration is for three years beginning 13 July 2021 and ending on 12 July 2024 with an estimated contract value of RM29 mil.
The job scope of the contract involves deploying well intervention services to perform idle well reactivation activities at Offshore Sabah.