Petra Energy subsidiary secures subcontract for Kasawari CCS project from MMHE

Petra Energy subsidiary secures subcontract for Kasawari CCS project from MMHE

Contract involves hook up and commissioning works and will be for a duration from March 2023 to December 2025.

Petra Energy Bhd’s subsidiary has been awarded a subcontract for the Kasawari CCS project located off Sarawak. (Petra Energy pic)
PETALING JAYA:
Petra Energy Bhd’s subsidiary, Petra Resources Sdn Bhd, has been awarded a subcontract by Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) for the Kasawari CCS project located off Sarawak.

The contract involves hook up and commissioning works for a duration from March 2023 to December 2025, the company said in a press release today.

This opportunity is expected to have a positive impact on Petra Energy’s earnings and net assets per share.

“Being given the opportunity to undertake work for one of the largest offshore CCS projects in the world is a meaningful achievement for Petra Energy,” said the company.

Petra Resources also secured two contracts from Petronas Carigali Sdn Bhd (PCSB) in March for the provision of accommodation workboats – Petra Orbit and Petra Galaxy.

According to Petra Energy, the value of the two contracts is based on work orders issued by PCSB throughout the contract duration of up to 255 days from the commencement date effective Feb 17, 2023, with an option to extend up to 60 days.

At 3.24pm today, Petra Energy’s share price was unchanged at 85 sen, giving the company a market capitalisation of RM273.49 million.

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