Malaysia: Petra Energy Bags Three Petronas Carigali Contracts

Integrated oil & gas brown field services provider, Petra Energy Berhad (“Petra Energy”), through its wholly owned subsidiary, Petra Resources Sdn Bhd, has been awarded three separate work orders by Petronas Carigali Sdn Bhd (“PETRONAS”) for the provision of Hook-Up and Commissioning work of PETRONAS’ offshore facilities in Sabah and Sarawak waters.

The work orders involve the hook-up and commissioning for the ‘Betty Revisit 4 Project’, ‘ERB West Development Project’ and ‘SKO Pipeline Rejuvenation Project’ with a total estimate value of RM26.4 million. The projects which commenced on 8 April 2010, 1 July 2010 and 22 July 2010 respectively are for varying term periods.

“The work orders are part of the national oil company’s focus on domestic operations i.e to increase the production output from existing wells in the country. This new direction by PETRONAS would augur well for oil & gas service providers in the country in the coming years.

“Given our experience in hook-up and commissioning work at onshore and offshore oil & gas facilities for oil majors, we are fully capable of executing the job specifications of the contracts.

The award of the contracts is a testament to the Group’s capabilities.

“We are very pleased with the award of the contract and thank, PETRONAS for their confidence in us. The contract would contribute positively towards the company’s overall earnings for the financial year end 31 December 2010, thus enhancing shareholder value over the contract period,” Kamarul Baharin bin Albakri, Executive Director & CEO Petra Energy, said.

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Source: Petraenergy, August 13, 2010: