Petra Energy through its subsidiary Petra Resources Sdn. Bhd. had been awarded a subcontract from Malaysia Marine and Heavy Engineering Sdn. Bhd. for Hook Up and Commissioning (HUC) Works for Kasawari CCS Project.
It said the duration of the Subcontract is from March 2023 until December 2025. The Subcontract Works will not have any effect on the share capital and substantial shareholders’ shareholdings of PEB Group and is expected to contribute positively to the earnings and net assets per share of PEB Group for the duration of the Subcontract Works.
The risk factors affecting the Subcontract Works comprise the operational and execution risks, which PRSB will take appropriate measures to eliminate or minimise.
The company said the acceptance of subcontract works is in the best interest of the Company. Being given the opportunity to undertake work for one of the largest offshore CCS projects in the world is a meaningful achievement for PEB.
