PENERGY (5133) - Petra Energy bags Gumusut Kakap topside maintenance services contract
March 11, 2015 : 7:24 PM MYT
KUALA LUMPUR (March 11): Petra Energy Bhd’s wholly-owned unit, Petra Resources Sdn Bhd, has been awarded the topside maintenance execution services for the Gumusut Kakap floating production system by Sabah Shell Petroleum Company Ltd.
According to its statement, Petra Energy (fundamental: 0.8; valuation: 2.4) will provide contract management, site execution and offshore maintenance crew to undertake maintenance activities for the Gumusut Kakap floating production system.
“The topside maintenance services contract is an addition to the offshore services contract awarded in 2012 by Shell, for the Gumusut Kakap project. It was the first deepwater project for Petra Energy,” said the company.
The company said the contract has no firm value, as it is on a call-out basis, where work orders will be issued at the discretion of the client, based on standard schedule rates.
The contract is for duration of 14 months, commencing April 1, 2015, and ending on May 31, 2016.
“Topside maintenance and hook up commissioning is the Group’s core competency; we are very pleased with the award of the contract and thank Sabah Shell for their continued confidence in the company,” it said.
Petra Energy closed 4 sen or 2.78% lower at RM1.40 today, translating into a market capitalisation of RM463.32 million.
http://www.theedgemarkets.com/en/node/189032
March 11, 2015 : 7:24 PM MYT
KUALA LUMPUR (March 11): Petra Energy Bhd’s wholly-owned unit, Petra Resources Sdn Bhd, has been awarded the topside maintenance execution services for the Gumusut Kakap floating production system by Sabah Shell Petroleum Company Ltd.
According to its statement, Petra Energy (fundamental: 0.8; valuation: 2.4) will provide contract management, site execution and offshore maintenance crew to undertake maintenance activities for the Gumusut Kakap floating production system.
“The topside maintenance services contract is an addition to the offshore services contract awarded in 2012 by Shell, for the Gumusut Kakap project. It was the first deepwater project for Petra Energy,” said the company.
The company said the contract has no firm value, as it is on a call-out basis, where work orders will be issued at the discretion of the client, based on standard schedule rates.
The contract is for duration of 14 months, commencing April 1, 2015, and ending on May 31, 2016.
“Topside maintenance and hook up commissioning is the Group’s core competency; we are very pleased with the award of the contract and thank Sabah Shell for their continued confidence in the company,” it said.
Petra Energy closed 4 sen or 2.78% lower at RM1.40 today, translating into a market capitalisation of RM463.32 million.
http://www.theedgemarkets.com/en/node/189032
