PPB Company Secures AHTS LOA from Petronas (Malaysia)

PPB Company Secures AHTS LOA from Petronas (Malaysia)

Perdana Petroleum Berhad (PPB), provider of Offshore Marine Services for the upstream oil & gas industry, has announced that Perdana Nautika Sdn Bhd (PNSB), a subsidiary company of PPB, has secured a letter of award (LOA) for the supply of four (4) units of Anchor Handling Tug Supply (AHTS) vessels from PETRONAS Carigali Sdn Bhd (PCSB).

The charters will run effective from 1st January 2013 for a period of five (5) years each with extension options of an additional year.

The LOA is valued at approximately RM430 million and is expected to contribute positively to the revenue and earnings of PPB Group for the financial year ending 31 December 2013 and the financial periods thereafter for the duration of the Contract. There will be no effect on the gearing of the PPB Group and the Contract will not have material effect on the net asset per share for the financial year ending 31 December 2013.

None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, directly or indirectly in the Contract.

Directors’ statement:

“The Board of PPB is of the opinion the acceptance of the Contract is in the best interest of PPB.”

[mappress]

Press Release, January 7, 2013

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