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Petra Energy Unit to Sell Two Vessels

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Petra Energy (KLSE:PENERGY) unit Petra Marine has agreed to sell the accommodation work barge Petra Endeavour to India's AJR Oil & Gas Engineering Services for $7.8 million in cash.

The deal is expected to generate proceeds of 31.7 million ringgit, and a net disposal gain of about 821,000 ringgit upon completion.

Proceeds will be used to support the group's working capital needs, with the transaction expected to be completed by the end of September.

According to a separate same-day filing, Petra Marine also agreed to sell the accommodation work barge Petra Orbit to UAE-based Beaufond Swissline FZ-LLC for $7.3 million.

The deal is expected to generate 29.6 million ringgit in proceeds, and a net disposal gain of about 2.3 million ringgit.

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