Pe­tra En­ergy’s unit bags MCM con­tract from Petronas Cari­gali

The Sun (Malaysia) - - SPEAK UP -

PETALING JAYA: Pe­tra En­ergy Bhd’s wholly owned unit Pe­tra Re­sources Sdn Bhd has se­cured a con­tract for the pro­vi­sion of main­te­nance, con­struc­tion and mod­i­fi­ca­tion (MCM) ser­vices for Petronas Cari­gali Sdn Bhd’s fa­cil­i­ties at off­shore Sabah.

The group told the stock ex­change yes­ter­day, there is no firm con­tract value stated in the Let­ter of Award as the con­tract is on a “call-out” ba­sis based on the work or­ders is­sued by Petronas Cari­gali.

Pe­tra En­ergy said the work or­ders shall in­clude any or all other work and ser­vices which is gen­er­ally re­lated to the scope of works in the con­tract at a fixed sched­ule of rates.

Un­der the con­tract, it said its unit will pro­vide con­tract man­age­ment, project ex­e­cu­tion, pro­cure­ment and marine spread to un­der­take main­te­nance ac­tiv­i­ties for Petronas Cari­gali un­der Pack­age B (Off­shore) Sabah.

It will be ef­fec­tive for a pri­mary pe­riod of five years from Sept 20, 2017, and will ex­pire on Sept 19, 2022.

“The award of this con­tract would con­trib­ute pos­i­tively to­wards the com­pany’s over­all earn­ings for the pe­riod thus en­hanc­ing share­holder value,” it said in a state­ment.

Pe­tra En­ergy closed lower 2% at 98 sen yes­ter­day with 74,600 shares done.

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