Petra Energy awarded subcontract from MMHE for Kasawari CCS project

KUALA LUMPUR (May 12): Petra Energy Bhd announced that its subsidiary, Petra Resources Sdn Bhd, has been awarded a subcontract from Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) for the Kasawari CCS project.

In a press release on Friday (May 12), Petra Energy stated that the contract is for the hook up and commissioning works for the project, located off Sarawak, and that the subcontract is for a duration between March 2023 and December 2025.

"The subcontract is expected to contribute positively to the earnings and net assets per share of PEB Group for the duration of the subcontract works.

"Being given the opportunity to undertake work for one of the largest offshore CCS projects in the world is a meaningful achievement for PEB," said the company in the statement.

In March, Petra Resources also received two contracts from Petronas Carigali Sdn Bhd (PCSB) 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 the time of writing, PEB remained unchanged at 85 sen, giving it a market capitalisation of RM273.49 million.