Petra ... Sept 2008

Following SapuraCrest Petroleum Bhd’s (SapCrest) landing of a RM800 million contract from the Sabah and Sarawak operations of Shell, speculation is rife that Petra Energy Bhd could be next to win a major contract.

The maintenance contract that SapCrest obtained is part of a RM2 billion job that Shell is awarding. The other portions of the job are for hook-up and commissioning worth RM1 billion and acidisation worth RM200 million.

Expecting Petra Energy, a 60%-owned subsidiary of Petra Perdana Bhd, to be in a strong position to bag the contracts for hook-up and commissioning, and acidisation.
The original contract awarded to Petra Perdana at RM1 billion in 2005 was on a lump-sum basis.

*** SapCrest was awarded a RM800 million job for the provision of hook-up, commissioning and major maintenance services for offshore oil and gas facilities by Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd ***