KUALA LUMPUR (Dec 9): Petra Energy Bhd has secured a one-year extension to the contract from Petronas Carigali Sdn Bhd for the provision of offshore maintenance, construction and modification (MCM) services.

In a Bursa Malaysia filing on Friday (Dec 9), Petra Energy said its wholly owned subsidiary Petra Resources Sdn Bhd on Sept 30 accepted a letter of contract amendment and extension from Petronas Carigali.

The contract value is based on work orders issued by Petronas Carigali throughout the duration of the extended contract from Sept 20, 2022 until Dec 31, 2023.

Petra Energy bagged the MCM services contract from Petronas Carigali under Package B (Offshore) Sabah via a letter of award dated Sept 20, 2017.

The contract was valid for five years effective from Sept 20, 2017 to Sept 19, 2022 with an option to extend for another year.

Based on the terms of the contract back then, Petra Resources would provide, among others, contract management, project execution, procurement and marine spread to undertake maintenance activities for Petronas Carigali's facilities at offshore Sabah. 

As of noon break on Friday, Petra Energy's share price went down one sen or 1.18% to 84 sen, bringing the integrated brown field services provider a market capitalisation of RM270.27 million.