KUALA LUMPUR: Petra Energy Bhd’s wholly-owned subsidiary Petra Resources Sdn Bhd has been notified by Petronas Carigali Sdn Bhd of the early activation of a topside major maintenance services (TMM) contract for Sabah region, effective July 4, 2014 until May 20, 2018.

In a filing with Bursa Malaysia yesterday, Petra Energy said the TMM services contract was originally scheduled to commence in February 2016. However, Petra Energy and Petronas Carigali — a unit of Petroliam Nasional Bhd — have now agreed upon an early activation of the contract.

The TMM services contract was first awarded on May 21 last year.

Petra Energy said there is no firm contract value for the TMM services, as the contract is on a “call-out” basis, whereby work orders will be issued at the discretion of the client, based on the schedule of rates as set forth in the contract.

The early activation of the TMM Services is not expected to have any material effect on the net assets and gearing of Petra Energy, but is anticipated to contribute positively to the earnings for the financial year ending December 2014, it said.

Petra Energy closed three sen or 1.07% higher at RM2.83 yesterday, translating to a market capitalisation of RM900.9 million.


This article first appeared in The Edge Financial Daily, on October 1, 2014.