February 17, 2015

Petra Energy Gets Umbrella Contract From Petronas Carigali

Petra Energy Bhd's unit, Petra Resources Sdn Bhd (PRSB), has been awarded an umbrella contract by Petronas Carigali Sdn for the provision of spot charter marine vessel services from 2015 to 2017 on a non-exclusive basis.

In a filing to Bursa Malaysia, Petra Energy said the service covered Petronas Carigali's operations in Malaysia for spot charter.

"There is no firm contract value stated in the letter of award as the services is on a call out basis whereby the fees and rates will be based on the quotation at the requirement point of time such as during each work order bidding," the company said.

Petra Energy also said the duration of the contract was for two years effective from Jan 29, 2015 and would expire on Jan 28, 2017 with an extension option of one year exercisable by Petronas Carigali from the expiry date.

The contract was expected to contribute positively to the earnings and net assets per share of the company.

"The Board of Petra Energy is of the opinion that the acceptance of the contract is in the best interest of the company," it added.

Source : Bernama