KUALA LUMPUR: Integrated oil and gas brown field services provider, Petra Energy Bhd (PEB), has approved a private placement of 19.50 million new ordinary PEB shares at 91 sen apiece.
In a statement today, PEB said the shares represented 9.09 per cent of its enlarged issued and paid-up capital.
Its executive director/chief executive officer, Kamarul Baharin Albakri, said the placement would boost PEB's efforts to strengthen its core competencies in project management capabilities, onshore fabrication services and fleet spread configuration.
"The placement will also allow the company to tap the robust market opportunities in enhanced oil recovery, top side major maintenance hook-up construction and commissioning and marginal oil fields.
"The timing is just right," he said.
He said the new growth opportunities were premised on the initiatives as planned under the government’s Economic Transformation Programme and Petronas' planned capital expenditure of about RM300 billion in rejuvenating existing oil
and gas fields, developing marginal fields and drilling of exploration wells.
"The initiatives would not only provide growth opportunities for the group in onshore and offshore services but also prepare the company for large contracts which are expected to be out for tenders in 2012 and beyond, given the vibrant industry landscape," he said.
He said PEB was also constantly exploring opportunities, including forging strategic alliances with other players.
"Through such partnerships, PEB would be in a better position to bid for bigger jobs," he said.
Kamarul said the company also planned to acquire vessels with a crane capacity of 400 tonnes.
In June this year, PEB leased space at Labuan Shipyard & Engineering Sdn Bhd to undertake minor and major fabrication works for oil and gas majors, he said.
"This is a step towards positioning the company to undertake future work volumes anticipated to come from offshore Sabah," he said. -- BERNAMA
In a statement today, PEB said the shares represented 9.09 per cent of its enlarged issued and paid-up capital.
Its executive director/chief executive officer, Kamarul Baharin Albakri, said the placement would boost PEB's efforts to strengthen its core competencies in project management capabilities, onshore fabrication services and fleet spread configuration.
"The placement will also allow the company to tap the robust market opportunities in enhanced oil recovery, top side major maintenance hook-up construction and commissioning and marginal oil fields.
"The timing is just right," he said.
He said the new growth opportunities were premised on the initiatives as planned under the government’s Economic Transformation Programme and Petronas' planned capital expenditure of about RM300 billion in rejuvenating existing oil
and gas fields, developing marginal fields and drilling of exploration wells.
"The initiatives would not only provide growth opportunities for the group in onshore and offshore services but also prepare the company for large contracts which are expected to be out for tenders in 2012 and beyond, given the vibrant industry landscape," he said.
He said PEB was also constantly exploring opportunities, including forging strategic alliances with other players.
"Through such partnerships, PEB would be in a better position to bid for bigger jobs," he said.
Kamarul said the company also planned to acquire vessels with a crane capacity of 400 tonnes.
In June this year, PEB leased space at Labuan Shipyard & Engineering Sdn Bhd to undertake minor and major fabrication works for oil and gas majors, he said.
"This is a step towards positioning the company to undertake future work volumes anticipated to come from offshore Sabah," he said. -- BERNAMA
