KUCHING: Perdana Petroleum Bhd has secured a contract for the leasing of an accommodation work barge to Keyfield Serenity Sdn Bhd.
Wholly-owned subsidiary Perdana Nautika Sdn Bhd received a letter of award for the contract from the charterer on May 21, 2026.
“The contract is for a period of 241 days with an option to extend for another 30 days, and is expected to commence from 9 July 2026.
“The estimated contract value shall be in accordance with the work order award issued. In view of the confidentiality and privacy clauses of the contract, the estimated contract value is not disclosed,” Perdana Petroleum said in a filing with Bursa Malaysia.
Perdana Nautika will provide crew and equipment to perform 24-hour service to assist and, for accommodation, lifting and offshore operations.
The contract is expected to contribute positively to the group’s earnings and net assets for financial year ending December 31, 2026 and 2027.
Meanwhile, Perdana Petroleum said the High Court of Malaya had granted an order confirming the company’s share capital reduction pursuant to Section 116 of the Companies Act 2016.
The company said it would extract the sealed copy of the court order and lodge it with the Registrar of Companies for the share capital reduction to take effect.
The share capital reduction involved the cancellation of RM600 million of the company’s issued share capital.
The proceeds arising from the reduction shall be utilised to set off the accumulated losses of the company while the balance, if any, will be credited to the retained earnings of the company which may be utilised in such a manner the company’s board of directors deem fit and in the best interest of the company.
As at December 31, 2025, Perdana Petroleum accumulated losses stood at RM573.34 million at company level and RM195.36 million at the group level.
As at February 27, 2026, the company’s total issued share capital stood at RM885.2 million, and about 14.49 million redeemable convertible preference shares (RCPS).These RCPS are convertible into the same number of new company shares at a conversion price of 32.5sen per RCPS. Perdana share price closed at 16sen on Thursday (July 30).On a 52-week period, the stock traded in the range of 13.5sen to 22.5sen.
According to Perdana Petroleum, the capital reduction is to reflect more accurately the company’s value of underlying assets and financial position as a portion of its issued share capital is no longer represented by available assets.
Accordingly, the reduction will enable the company to eliminate its accumulated losses and align its issued share capital with its current financial position. The move will enhance the group’s credibility with its customers, financiers and financial institutions, thus potentially improving access to credit facilities and strengthening relationship with suppliers, investors and other stakeholders.
It will also optimise the group’s capital structure, providing a stronger financial platform to support its future growth initiative and strategic opportunities, as well as enhance the company’s ability to declare and pay dividends out of its retained earnings in the future.
