KUALA LUMPUR (March 13): Perdana Petroleum Bhd has secured three charter contracts from its major shareholder Dayang Enterprise Holdings Bhd.
In its filing with Bursa Malaysia, Perdana Petroleum announced that its wholly-owned subsidiary, Perdana Nautika Sdn Bhd accepted three Letters of Award (LOA) dated Jan 16 from Dayang Enterprise Sdn Bhd — a unit of Dayang Enterprise.
The three LOAs entail the charter of one unit accommodation work barge (AWB), and two units anchor handling tug & supply (AHTS) vessels, valued at approximately RM18.3 million.
The duration for vessel charters are for a period of 90 days from the commencement date, said Perdana Petroleum in the bourse filing.
The commencement date for AWB started on Feb 14, while the two AHTS contracts commenced on Feb 15 and 18.
The charters were recurrent related party transactions (RRPT) in which PPB Group has obtained its mandate from the PPB’s shareholders in its annual general meeting in May last year for the amount of RM120 million.
“The vessel charters are part of the strategic alliance between Dayang Group and Petroleum Perdana group where the utilisation of its vessels can be maximised and qualified to bid for more offshore maintenance works,” said Perdana Petroleum.
The contracts are anticipated to contribute positively to the earnings of the group in the current financial year ending Dec 31, 2023 (FY2023).
Perdana Petroleum’s share price closed unchanged at 18 sen, giving it a market capitalisation of RM399.26 million.
Source: TheEdge - 14 Mar 2023
