The company said in a stock market announcement that the contract, done through its Perdana Nautika unit has the option of three monthly extension and is set to begin on 1 March 2018.
The charter comes under the maintenance, construction and modification contract that Dayang originally won from Petronas Carigali for the Baronia Rejuvenation CP3.
The principal activities of the PPB Group are the provision of marine support services for the oil and gas industry and the chartering of offshore support vessels (OSV). As Dayang Enterprise is a major shareholder of the Company, the Vessels Charter is deemed a recurrent related party transaction (RRPT).
Perdana noted that the charter is part of the strategic alliance between Dayang and the group where the utilisation of its vessels can be maximised and qualified to bid for more offshore maintenance works and emphasized even through this is a related party transaction, it was carried out on arm’s length basis and on normal commercial terms which are not more favourable to the other party.
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