KUALA LUMPUR (Sept 4): Petra Energy Bhd’s unit has bagged a hook-up, commissioning and topside major maintenance services contract from Petronas Carigali Sdn Bhd in Sabah and Sarawak.

In a bourse filing, the group announced that its wholly-owned Petra Resources Sdn Bhd had received the letter of award for the job from the exploration unit of Petroliam Nasional Bhd (Petronas) on Aug 19, and that the contract is to last 15 months from Aug 16 this year, to be completed on Nov 15, next year.

"The contract is expected to contribute positively to the earnings and net assets per share of PEB Group for the duration of the contract,” the group said, but did not disclose the value of the contract.

Separately, Petra Energy said it was not aware of any extensions of a recently completed hook-up, commissioning and topside major maintenance services contract with Petroliam Nasional Bhd (Petronas). Petra Resources, the group said, had already been granted a one-year extension from May 21, 2018 to May 20, 2019.

“Petra Energy Bhd [PEB] wishes to clarify regarding the extension for the five-year contract for the provision of hook-up, commissioning and topside major maintenance services awarded to Petra Resources Sdn Bhd, a subsidiary of PEB, from May 21, 2013, to May 20, 2018.

"Pursuant to an option provided in the contract, Petra Resources Sdn Bhd agreed to extend the contract duration for a further one year period from May 21, 2018, to May 20, 2019. At this point in time, the company is not aware of any further extension,” the group said.

The clarification was in response to a report by The Edge Malaysia on Aug 12 that Petronas had aborted awarding a multi-billion ringgit integrated hook up and commissioning (IHUC) contract for a second time.

Quoting industry sources, the weekly wrote that the incumbents undertaking the contract, for instance Sapura Energy Bhd, Petra Energy and Dayang Enterprise Holdings Bhd, among others, could have been given an extension of up to a year on their existing contracts, as a result of the cancellation.

It also wrote that while the actual size of the award was uncertain, Petronas awarded the five-year Pan Malaysia hook-up and commissioning and topside major maintenance services contract, valued at about RM10 billion, via Petronas Carigali.

Petra Energy closed five sen or 6.49% higher at 82 sen today, giving it a market capitalisation of RM263.84 million.