KUALA LUMPUR: Petra Energy Bhd
's wholly-owned subsidiary Petra Marine Sdn Bhd has proposed to dispose of two accommodation work barges for a combined value of RM61.31mil to monetise non-performing assets within the group.
The vessels are the Petra Orbit, which it proposes to dispose of for US$7.25mil (RM29.53mil) to Beaufond Swissline FZ-LLC, and the Petra Endeavour, which it will sell for US$7.75mil (RM31.68mil) to AJR Oil & Gas Engineering Services
Private Limited, it said in separate stock exchange filings.
The Petra Orbit was built in 2009 at a cost of RM66.46mil and carried a net book value of RM25.01mil as at the date of the proposed disposal. The Petra Endeavour built in the same year, with an original cost of RM69.19mil and carried a net book value of RM30.06mil.
The group said it expects to recognise a net disposal gain of RM3.07mil from the transactions, which are expected to be completed by end-September 2026.
