KUCHING: Petra Energy Bhd’s wholly-owned subsidiary, Petra Energy Development Sdn Bhd (PEDSB), has secured a contract from Vestigo Petroleum Sdn Bhd for the provision of field operation management services for SK407 PSC and associated facilities.
The SK407 field is an offshore block located offshore in Miri.
The contract consists of five offshore fields – West Lutong, Baram, Tukau, Siwa and Fairly Baram.
The letter of award from Vestigo did not state any fixed value for the contract, Petra Energy said in a filing with Bursa Malaysia today (Apr 24).
The contract is for two years, commencing April 1, 2026 until March 31, 2028.
“The award is expected to contribute positively to the earnings and net assets per share of Petra Energy Group for the duration of the contract.
“The risk factors affecting the contract comprise the operational and execution risks, in which PEDSB will take the appropriate measures to eliminate or minimise these risks,” added Petra Energy.
Separately, Insights Analytics Bhd (IAB) said its wholly-owned unit, Insights Analytics Technologies Sdn Bhd (formerly RXXOR Technologies Sdn Bhd) had accepted a letter of award from Tele Kenyalang Engineering Sdn Bhd as a sub-contractor for a contract project in Sibu worth RM12.235 million
The sub-contract is for the construction, digitalisation, smart systems integration and external works at Upper Lanang 33/11Kv substation.
The date of commencement for the sub-contract is May 7, 2026 for a scheduled completion on September 6, 2027 equivalent to 16 months.
Kuching-based Tele Kenyalang’s principal activities include the construction of energy and telecommunication related products, construction work and consultancy services, and food ration.
IAB said the insurance policy will be covered under the Owner Controlled Insurance Programme (OCIP) arranged by the main contract (Tele Kenyalang) for construction all risks and third party liability, subject to OCIP terms.
The defect liability period for the project is 24 months from the issuance of certificate of practical completion.
