Petra Perdana Acquires Two Offshore Support Vessels

Petra Perdana Berhad has entered into two separate Memorandums of Agreement with S K Line Company Limited on November 3, 2006 for the purchase of new anchor handling offshore support vessels. The purchase price is RM94,570,000.00 each.

Both the acquisitions are expected to complete upon the delivery of the respective vessels, which are currently under construction. One of the vessels is expected to be ready for delivery in December 2008, and the other vessel, in September 2009.

The acquisitions are in line with the fleet renewal plan of Petra Perdana Group in providing the marine support services to the offshore oil and gas facilities. The purchase consideration will be funded by internal generated funds and bank borrowings.