Petra Energy in RM61.3mil vessel sale

PETALING JAYA: Petra Energy Bhd is disposing of two vessels totalling RM61.3mil.

In a filing with Bursa Malaysia, Petra Energy said its wholly-owned subsidiary, Petra Marine Sdn Bhd, had entered into a memorandum of agreement (MoA) with Beaufond Swissline FZ-LLC to dispose of its vessel, Petra Orbit, for RM29.63mil.

Additionally, it said Petra Marine Sdn Bhd had signed an MoA with AJR Oil & Gas Engineering Services Private Ltd to dispose of its vessel, Petra Endeavour, for RM31.68mil.

Petra Energy said the disposal was timely as it allowed the company to monetise non-performing assets within the group and crystallise the value of the vessel at a reasonable price.

“The proceeds from the disposal will support the group’s working capital needs,” it said.