KUALA LUMPUR (Jan 9): Perdana Petroleum Bhd has inked four time charter party agreements with its major shareholder Dayang Enterprise Holdings Bhd, to supply two accommodation work barges and two anchor handling tug/supply vessels for an estimated RM41.8 million.

The agreements were inked by Perdana Nautika Sdn Bhd and Dayang Enterprise Sdn Bhd (DESB), which are wholly-owned subsidiaries of Perdana Petroleum and Dayang Enterprise, respectively.

The four vessels will be chartered for nine months — "with an option of three monthly extension" — starting from March 1, 2018. The vessels charter is related to the contract secured by Dayang Enterprise for the maintenance, construction and modification works for Baronia Rejuvenation CP 3, said Perdana Petroleum.

"The Perdana Petroleum Group's offshore support vessels operations complement those of Dayang Enterprise, whose principal activities [are] the provision of offshore topside maintenance services, minor fabrication works and offshore hook-up and commissioning services.

"The vessels charter is part of the strategic alliance between Dayang Enterprise and Perdana Petroleum Group where the utilisation of its vessels can be maximised and qualified to bid for more offshore maintenance works," said the group in its filing with Bursa Malaysia.

Perdana Petroleum expects the recurrent related party transaction to contribute positively to its future earnings.

Perdana Petroleum shares inched up 1 sen or 1.96% to close at 52 sen, giving it a market capitalisation of RM404.81 million.

Meanwhile, Dayang Enterprise climbed 3 sen or 3.66% to settle at 85 sen, for a market capitalisation of RM820.09 million.