Friday, December 3, 2010

Petra Energy unit gets RM400m job from Petronas Carigali

KUALA LUMPUR: PETRA ENERGY BHD []'s wholly owned subsidiary Petra Resources Sdn Bhd has been awarded a contract worth a total RM400 million by Petronas Carigali Sdn Bhd (PCSB) for the provision of hook-up and commissioning of PCSB offshore facilities.

In a filing to Bursa Malaysia on Friday, Dec 3, Petra Energy said the scope of work comprised onshore preparation works, onshore pre-fabrication and yard commissioning (if any), and onshore and offshore hook-up, inspection, testing, pre-commissioning and commissioning of all systems, related appurtenances and equipment of offshore facilities.

It said Petra Resources would provide materials, tools, equipment, consumables, manpower and supervision, marine vessels, transportation and other services necessary to perform the work.

It said the contract period was from Dec 2, 2011 until Dec 1, 2012.

'Petra Resources estimates the total value of the contract to be approximately RM400 million over the duration of the contract.

'However, the contract is a 'call-up contract' made up of work orders, which will be awarded at the discretion of PCSB during the duration of the contract, and the values of the work orders are based on the contract schedule of rates,' said Petra Energy.

The company said the contract was expected to contribute positively to its earnings for the financial year ending Dec 31, 2011 and the subsequent financial periods within the duration of the contract.

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