Petra Energy bags MCM services job from Petronas Carigali

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KUALA LUMPUR (Nov 14): Petra Energy Bhd has bagged a contract to provide maintenance, construction and modification (MCM) services under Package B (offshore) Sabah from Petronas Carigali Sdn Bhd.

In a filing with Bursa Malaysia today, the integrated brownfield services provider said its wholly-owned subsidiary Petra Resources Sdn Bhd has received a letter of award from Petronas Carigali for the proposed job.

"There is no firm contract value stated in the letter of award as the contract is on a 'call-out' basis based on the work orders issued by Petronas Carigali and will include any or all other work and services which is generally related to the scope of works in this contract at a fixed schedule of rates," it added.

The contract duration will be for a primary period of five years starting Sept 20 this year and will expire on Sept 19, 2022, with an option to extend for another one year.

In a separate statement, Petra Energy said MCM is the group's core competency.

"The group is very pleased with the award of the MCM contract and look forward to add value to its client through effective service delivery.

"The award of this contract would contribute positively towards the group's overall earnings for the period thus enhancing shareholder value," it added.

Petra Energy shares closed down 2 sen or 2% at 98 sen today, with 74,600 shares done, bringing a market capitalisation of RM317.74 million.