Petra Energy’s unit bags MCM contract from Petronas Carigali

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.