KUALA LUMPUR: Petra Energy Bhd
said its wholly-owned subsidiary Petra Marine Sdn Bhd has inked a memorandum of agreement with PT Rajawali Perak Mulia to dispose of the Petra Challenger, an accommodation work barge, for US$4.5mil (RM18.38mil).
In a filing with Bursa Malaysia, the group said the vessel, which has a net book value of RM14.61mil, was built in 2004 and is currently sailing under the flag of Malaysia.
According to Petra Energy, the proceeds from the disposal will support its working capital needs.
"The disposal is timely as it allows PEB to monetise non-performing asset within the group and crystalise the value of the vessel at a reasonable price.
"At the same time, the disposal will result in future savings in term of annual laid-up costs, reactivation and dry-docking," it added.
The proposed disposal is expected to be completed by end-October 2026.
