Petra Energy Unit To Dispose Of Two Vessels For RM61.31 Mln
KUALA LUMPUR, July 29 (Bernama) -- Petra Energy Bhd's wholly-owned subsidiary Petra Marine Sdn Bhd (PMSB) has inked two memoranda of agreement (MoAs) for the disposal of its vessels for a total of about RM61.31 million.
The oil and gas services provider said the first MoA, signed with United Arab Emirates-based Beaufond Swissline FZ-LLC on July 17, was to dispose of Petra Orbit, an accommodation work barge, for RM29.63 million.
It also entered into an MoA with India-based AJR Oil & Gas Engineering Services Pvt Ltd on July 23 to sell an accommodation work barge called Petra Endeavour for RM31.68 million, it said in separate filings with Bursa Malaysia.
Petra Energy said both disposals are on a willing buyer, willing seller basis after taking into account the prevailing market conditions and valuation of the respective vessels.
The company said the disposals were timely, allowing it to monetise non-performing asset within the group and crystallise the value of the vessel at a reasonable price.
At the same time, it said, the disposals would result in future savings in term of annual laid-up costs, reactivation and dry-docking.
Petra Energy said it expected to recognise a net disposal gain of RM2.25 million from the sale of Petra Orbit and a net disposal gain of RM821,000 from the sale of Petra Endeavour.
Both disposals are expected to be completed by the end of September 2026.
According to Petra Energy, proceeds from both disposals will support the group's working capital needs.
It added that the disposals would not have any material effect on the company’s share capital and the substantial shareholders’ direct and/or indirect shareholdings for the financial year ending Dec 31, 2026.
-- BERNAMA