Petra Energy's shares fall despite securing Petronas Carigali contract

PETALING JAYA: Petra Energy Bhd’s share price fell 2.55% this morning despite securing a contract for the provision of maintenance, construction and modification services for Petronas Carigali Sdn Bhd’s facilities at offshore Sabah.
At 10.52am, its share price fell 2.55% or 2.5 sen to 95.5 sen with a total of 377,700 shares traded. The stock closed 2% lower at 98 sen yesterday with 74,600 shares done.
Yesterday, the group announced that its wholly owned unit Petra Resources Sdn Bhd had secured the contract, with work orders including any or all other work and services which is generally related to the scope of works in the contract at a fixed schedule of rates.
The group said there is no firm contract value stated in the Letter of Award as the contract is on a “call-out” basis based on the work orders issued by Petronas Carigali.
Under the contract, Petra Resources will provide contract management, project execution, procurement and marine spread to undertake maintenance activities for Petronas Carigali under Package B (Offshore) Sabah.