INTRODUCTION
The Board of Directors of Perdana Petroleum Berhad (the “PPB” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Perdana Nautika Sdn Bhd (“PNSB”) has received a work order award from PETRONAS Carigali Sdn Bhd (“PCSB” or the “Charterer”) on 30 November 2023 for the provision of one (1) unit of Anchor Handling Tug & Supply (“AHTS”) vessel (“Contract”).
DETAILS OF THE CONTRACT
The Contract, which will commence on the Vessel’s on-hire certificate date (“Commencement Date”) is for a duration of up to two hundred thirty-eight (238) days from the Commencement Date. The Contract is valued at approximately RM17.1 million.
PNSB shall provide a unit of AHTS vessel with crew and equipment to perform a continuous twenty-four (24) hours service for the purpose of assisting and/or servicing drilling rigs, offshore installations, derrick barges, towing and anchor job for PCSB.
FINANCIAL EFFECTS
The Contract is expected to contribute positively to the earnings and net assets of PPB Group for the financial year ending 31 December 2024. The Contract will not have effect on the share capital and shareholding structure of PPB.
RISK FACTORS
The risks associated with the Contract are normal operational risks which can be mitigated through PPB Group's system of project management and internal business controls.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors and/or major shareholders or persons connected to them have any direct or indirect interest in the Contract.
DIRECTORS' STATEMENT
The Board of Directors of PPB is of the opinion that the acceptance of the Contract is in the best interest of PPB.
The Contract announcement is not subject to the approval of the shareholders of the Company or any regulatory authorities. However, the approval of the Charterer to release this announcement is required and the Company has on 6 March 2024 obtained the Charterer’s approval to release the same.
This announcement is dated 6 March 2024.