CEO Morning Brief

Petra Energy Secures 22-month Extension for Banang Oilfield Technical Services Job From Petronas

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Publish date: Wed, 04 Jan 2023, 10:11 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Jan 3): Petra Energy Bhd's contract for the provision of services to operate and maintain Petroliam Nasional Bhd's (Petronas) Banang oilfield off Terengganu has been extended by 22 months until Aug 6, 2024.

In a filing with Bursa Malaysia, Petra Energy said its wholly-owned subsidiary Petra Energy Development Sdn Bhd (PEDSB) has entered into a supplementary agreement with Petronas relating to the technical services agreement first awarded in June 2020 for a duration of two years.

Petra Energy did not disclose the value of the supplementary agreement. The group's original two-year contract carried an estimated value of US$40 million.

The extension is a continuation of the original agreement and "took recognition of the excellent project delivery and execution by PEDSB whilst prioritising health, safety and environment and facilities uptime", the group said.

“The contract is expected to contribute positively to the earnings and net assets per share of the group for the duration of the contract,” it added.

Shares in Petra Energy closed one sen or 1.16% higher at 87 sen, giving the group a market capitalisation of RM279.92 million.

Source: TheEdge - 4 Jan 2023

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