Petra Energy's Unit Secures Contract from Petronas Carigali in Malaysia

Petra Energy Berhad, an integrated brownfield service provider for the upstream oil and gas sector, reported Tuesday that its wholly-owned subsidiary Petra Resources Sdn Bhd (PRSB) has been awarded an umbrella contract Jan. 29 by Petronas Carigali Sdn Bhd (PCSB) to provide marine vessel services on spot charter in Malaysia, the firm said in a filing with local stock exchange Bursa Malaysia.

Under the deal, PRSB will supply marine vessels on non-exclusive basis for two years for PCSB's operations in Malaysia. PCSB is the upstream arm of Malaysia's national oil company Petroliam Nasional Berhad (Petronas).

Petra Energy added that there is no firm contract value stated in the Letter of Award as the services needed by PCSB is on a call out basis whereby the fees and rates will be based on the quotation at the requirement point of time, namely during each work order bidding.

The two-year contract will take effect on Jan. 29 and will expire Jan. 28, 2017, with PCSB holding an option for a one-year extension.

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