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Uzma to pump in $117m into Kemaman offshore base in Malaysia

Uzma to pump in $117m into Kemaman offshore base in Malaysia
Following on from announcements of further investments at Kemaman Supply Base, Malaysian offshore services provider Uzma Bhd is planning to invest MYR471.5m ($116.7m) over 15 years to develop its own offshore supply base in Kemaman, Terengganu, it said in a stock market announcement.

The company said its unit Uzma Engineering had signed a memorandum of understanding (MoU) with the East Coast Economic Region Development Council for the project.

“Uzma intends to invest MYR94.2m ($23.1m) in the first five years in the said project and to apply its technology, expertise, equipment and facilities as well as other resources,” it said.

The project would involve the development of an integrated offshore supply base at Teluk Kalong Industrial Estate located in Kemaman, Terengganu, on a two-ha site that the company would either rent or lease.“The said project is expected to spur greater economic growth, and generate entrepreneurial and employment opportunities of up to 250 jobs for the local populace by the year 2020,” it said.