KUALA LUMPUR (July 4): Bank Negara Malaysia (BNM) has agreed to mediate more sustainable financing terms between Main Market-listed Perdana Petroleum Bhd and its financiers.

Perdana Petroleum said it had received approval from BNM's corporate debt restructuring committee (CDRC) to help renegotiate with its specific financiers, financing facilities on terms that can be sustained in the face of this challenging period for the oil and gas industry.

"The successful mediation will enable the company to be better positioned to raise new financing and capital in the future and ensure its operations to easily sustain its underlying viability, going forward," the group said in a bourse filing.

As part of the approval, Perdana Petroleum is required to submit a proposed debt restructuring scheme within 60 days.

Perdana Petroleum's admission to CDRC is also limited to 12 months or upon signing of a debt structuring agreement, whichever is earlier.

"This admission to CDRC is consistent with Perdana Petroleum's strategy to streamline its operations and optimise its financial resources to focus and proactively enhance its offshore marine support services segment," the company said, adding it follows on the heels of its "previous successful cost rationalised initiative which has had a positive impact on the company's financials".

Perdana Petroleum's share price closed unchanged at 19 sen, valuing it at RM147.91 million.