KUALA LUMPUR (April 23): Perdana Petroleum Bhd has secured a workboat charter job from Dayang Enterprise Holdings Bhd worth RM8.5 million.

In a filing with Bursa Malaysia today, Perdana Petroleum said its wholly-owned subsidiary Intra Oil Services Bhd had on April 15 accepted the letter of award to charter one unit of workboat to Dayang's wholly-owned subsidiary DESB Marine Services Sdn Bhd.

Effective on April 15, Perdana Petroleum said the workboat will be chartered for 180 days with an option period of 150 days.

The total estimated contract value, excluding the option period, for the vessel charter is approximately RM8.5 million.  

It is to be noted that Dayang is also a major shareholder of Perdana Petroleum. Hence, the vessel charter to DESB Marine Services is deemed a recurrent, related party transaction (RRPT).

"The above RRPT will be carried out on arm’s length basis and on normal commercial terms which are not more favourable to the related party," Perdana Petroleum said.

It added that the vessels charter is part of the strategic alliance between Dayang and Perdana Petroleum Group where the utilisation of its vessels can be maximised and qualified to bid for more offshore maintenance works.   

Perdana Petroleum shares closed 2.5 sen or 6.17% higher at 43 sen today, which gave it a market capitalisation of RM334.74 million.