The Board of Directors of PEB announce that Petra Resources Sdn. Bhd. (PRSB), a wholly-owned subsidiary of PEB has been awarded an umbrella contract by PETRONAS Carigali Sdn. Bhd. (PCSB) on 29 January 2015 for the provision of Spot Charter Marine Vessel Services from 2015 to 2017 on non-exclusive basis (Services). This Services covers PCSB’s operations in Malaysia for spot charter.
There is no firm contract value stated in the Letter of Award as the Services is on a call out basis whereby the fees and rates will be based on the quotation at the requirement point of time i.e. during each Work Order bidding. The duration of the Contract is two (2) years effective from 29 January 2015 and will expire on 28 January 2017 with an extension option of one (1) year exercisable by PCSB from expiry date.