INTRODUCTION

The Board of Directors of Perdana Petroleum Berhad (“PPB” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Perdana Nautika Sdn Bhd (“PNSB”) has received two (2) work order awards from PETRONAS Carigali Sdn Bhd (the “Charterer”) via their letters of award dated 21 November 2019 for the provision of two (2) units of Anchor Handling Tug & Supply (“AHTS”) Vessels (“Contract”).

DETAILS OF THE CONTRACT

PNSB shall provide the AHTS vessel with crews and equipment to perform 24-hour services for assisting and/or servicing drilling rigs, offshore installation, derrick barges, towing and anchor jobs.

FINANCIAL EFFECTS

The Contract is expected to contribute positively to the earnings and net assets of PPB Group for the financial years ending 31 December 2019 and thereafter within the duration of the contract. The Contract will not have effect on the share capital and shareholding structure of PPB.

RISK FACTORS

The risks associated with the Contract are normal operational risks, which can be mitigated through PPB Group's system of project management and internal business controls.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders or persons connected to them have any direct or indirect interest in the Contract.

DIRECTORS' STATEMENT

The Board of Directors of PPB is of the opinion that the acceptance of the Contract is in the best interest of PPB.

The approval of the Charterer to release this announcement is required and the Company has on 9 December 2019 obtained the approval to release.

This announcement is dated 9 December 2019.