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Petra Energy picks up two-year Petronas contract

Petra Energy picks up two-year Petronas contract
Malaysian offshore services player Petra Energy has picked up an open-ended contract from Petronas' explorations unit for two years till 29 January 2017.

Petra said in a stock market announcement that its Petra Resources unit had  been awarded the umbrella contract by Petronas Carigali for spot charter marine vessel services from 2015 to 2017, with a one-year extension option on a non-exclusive basis.

Contract value is open-ended as the contract is on a call-out basis and rates based on spot market rates prevailing at the time but Petra added that the contract is expected to contribute to earnings.