Announcement Details/Table Section :
Introduction
The Board of PPB is pleased to announce thatits wholly-owned subsidiaries, Intra Oil Services Berhad ("IOS") and Perdana Marine Offshore Pte Ltd ("PMO") have been awarded the following contracts :
The Contracts
IOS - Contract for provision of one unit of workboat
Charterer : Alam Maritim (M) Sdn Bhd
Contract period : 9 months commencing 4 January 2013with an extension option of an additional year.
PMO - Contract for provision of one unit of workbarge
Charterer : Ibnusina Resources Sdn Bhd
Contract period : 21 months commencing 15 February 2013with an extension option of 3 months.
Financial effects
The Contracts with total value of approximately RM70.0 million (excluding the extension option) are expected to contribute positively to the revenue and earnings of PPB Group for the financial year ending 31 December 2013 and the financial periods thereafter for the duration of the Contract.There will be no effect on the gearing of the PPB Group and the Contract will not have material effect on the net asset per share for the financial year ending 31 December 2013.
Risk associated with the Contracts
There are no significant risks involved in IOS and PMO fulfilling the obligations under the Contracts.
Interest of Directors and Major Shareholders
None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, directly or indirectly in the said Contracts.
This announcement is dated 4 January 2013.
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