Kuala lumpur: PJBumi Bhd's indirect wholly-owned subsidiary, Rig Capital Pte Ltd, has entered into a contract to acquire five sets of drilling rigs from Gaoyou Hao Xiang Petroleum Machinery Co Ltd for RM161.64 million. The agreement is contingent upon securing financing and obtaining shareholders' approval, aiming to support oil and gas integrated project management drilling services in Indonesia, as detailed in a Bursa Malaysia filing.

According to BERNAMA News Agency, PJBumi stated that the contract will not materially affect the company's issued and paid-up capital, substantial shareholders' shareholding, earnings per share, net asset per share, or gearing for the financial year ending June 30, 2026, unless a purchase order is issued. The company assured that announcements would be made regarding any significant developments related to the contract.

PJBumi's board of directors has reviewed all aspects of the contract and believes it to be in the company's best interest, deeming it fair and reasonable. The seller, Gaoyou Hao Xiang Petroleum Machinery Co Ltd, guarantees that the equipment provided under the contract will be new, technologically advanced, and compliant with American Petroleum Institute (API) standards, free from defects in design, materials, and workmanship.

The seller also committed to dispatching qualified technical personnel to deliver professional and efficient technical services and training as needed. The contract stipulates an 18-month warranty period from the bill of lading date or 12 months from the signing of the acceptance certificate at the well/project site, whichever is earlier.