PETALING JAYA: Handal Resources Bhd's unit is partnering with Petroliam Nasional Bhd (Petronas) for a joint development of subsea technology solution.
The group told Bursa Malaysia that its 51%-owned subsidiary Handal Simflexi Sdn Bhd had received the letter of award from Petronas' research and development arm Petronas Research Sdn Bhd for the initial stage of technology collaboration.
Handal said the contract is for a fixed period commencing from June 13, 2018 until August 12, 2018.
"The contract rates to be charged for the services to be rendered will be in accordance with the payment terms and conditions as detailed in the term sheet that the service is being provided during the tenure of the contract."
Handal expects the contract to contribute positively towards its earnings and net assets for the duration of the contract.