May 30, 2013 / 1:06 AM / in 5 years

MALAYSIA PRESS-Petra Energy bags 2.5 bln rgt Petronas job-The Edge

Petra Resources Sdn Bhd, a wholly owned subsidiary of Petra Energy Bhd, has received a five-year contract from Petronas Carigali Sdn Bhd for the provision of hook-up, commissioning (HUC) and topside major maintenance services.

In its filing with Bursa Malaysia on Wednesday, the group said it did not disclose the amount of the contract, but industry sources said it is estimated to be worth 2.5 billion ringgit ($811.69 million). The contract was awarded on May 21 and will expire in May 2018.

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

A Petra official told The Edge Financial Daily the contract win meant Petra was on track for its five-year plan.

“It is our ambition to move up the value chain, and this contract will be a real turnaround for us because it is the biggest one we’ve received so far,” said the Petra official. -The Edge


NOTE: Reuters has not verified these stories and does not vouch for their accuracy.

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