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 on 14 November 2024 accepted a work order from Sarawak Shell Berhad (“SSB” orthe “Charterer”) for the charter of two (2) units of Accommodation Work Barges (“AWB”) (“Vessels Charter”) in accordance with the provisions under the Panel Contractor Contract (“PCC”) for offshore support vessel services for Petroleum Arrangement Contractors (“PACs”) dated 9 April 2024 executed between Charterer and PNSB.

DETAILS OF THE VESSELS CHARTER

Vessel

AWB 1

AWB 2

Proposed Commencement Date

15 March 2025

7 April 2025

Proposed Duration 

Three years with option to extend for 1 year

Estimated Value of the Vessels Charter 

In view of the confidentiality and privacy clauses of the contracts, the estimated value of the contracts cannot be disclosed. However, it shall be in accordance with the terms of the work orders issued.

PNSB shall provide the AWB vessels with crews and equipment to perform 24-hour services for assisting and/or servicing drilling rigs, offshore installation, derrick barges, towing and anchor jobs as per the scope of works agreed on to assist SSB’s project activities.

FINANCIAL EFFECTS 

The Contract is expected to contribute positively to the earnings and net assets of PPB Group for the financial year ending 31 December 2025 to 2028. 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 Contract announcement is not subject to the approval of the shareholders of the Company or any regulatory authorities. However, the approval of the Charterer to release this announcement is required and the Company has on 12 March 2025 obtained the Charterer’s approval to release the same.

This announcement is dated 12 March 2025.