Petra Perdana Wins Service Contract from Sarawak Shell

Petra Perdana Berhad's subsidiary, Petra Resources Sdn Bhd, has been awarded a contract by Sarawak Shell Berhad / Sabah Shell Petroleum Company Limited for the provision of mechanical and rotating equipment maintenance and services.

Under the contract, PRSB will provide the maintenance and overhaul services of rotating equipment such as valves, pumps, gearboxes, air compressors and welding sets etc for the onshore plants and offshore facilities of Sarawak Shell and Sabah Shell. The contract is estimated to be valued at approximately RM55 million for the primary term of five years and is expected to commence on February 1, 2007.

The contract is not expected to have any material effect on the net assets and earning of PPB Group for the financial year ending December 31, 2007, but is anticipated to contribute positively to the future earnings of PPB Group.