KUALA LUMPUR (June 13): Petra Energy Bhd has received a one-year extension on its contract from Petronas Carigali Sdn Bhd for the provision of hook-up, commissioning and topside major maintenance services.

The contract was previously awarded to Petra Energy by Petronas Carigali for a duration of five years from May 21, 2013 to May 20, 2018.

Petra Energy said in its filing to the exchange this evening that the extension granted was from May 21, 2018 to May 20, 2019. No contract value was stated in the announcement.

Petra Energy previously said when announcing the five-year contract in 2013 that no firm contract value was stated in the letter of award as the contract is on a 'call-out' basis — where work orders will be issued at the discretion of the client based on a standard schedule of rates over the duration of the contract.

Petra Energy shares slid 2.5 sen or 6.6% today to close at 35.5 sen, for a market capitalisation of RM113.93 million. In the past one year, the stock has slid some 69%.