KUCHING: Perdana Petroleum Bhd’s (PPB) wholly-owned subsidiary Perdana Nautika Sdn Bhd (PNSB) has received letters of award from Dayang Enterprise Holdings Bhd for the charter of one unit of anchor handling tug & supply (AHTS) vessel and one unit of accommodation work barge (AWB) for a total contract value of RM13.4 million.
The deal is a recurrent related party transaction as Dayang is a major shareholder of PPB.
The commencement date of both the AHTS and AWB was March 1, 2024 for 110 days with option to extend for 50 days. The contract value for the charter of the AHTS and AWB is RM4 million and RM9.4 million respectively, PPB said in a filing with Bursa Malaysia.
PNSB shall provide the AHTS vessel and AWB with crews and equipment to perform 24-hour services for assisting and/or servicing drilling rigs, offshore installation, derrick barges, towing and anchor jobs.
“The vessels charter is a recurrent related party transaction which the company has obtained a mandate from the company’s shareholders at its annual general meeting held on May 17 2023 for the amount of RM120 million.
“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 is a major shareholder of the company, the vessels charter is deemed a recurrent related party transaction (RRPT).
“The above RRPT will be carried out on arm’s length basis and on normal commercial terms which are not more favourable to the related party,” said PPB.
On the rationale for the vessels charter, PPB said its OSV operations complement those of Dayang and its group of companies, whose principal activities are the provision of offshore topside maintenance services, minor fabrication works and offshore hook-up and commissioning services.
“The vessels charter are part of the strategic alliance between Dayang group and PPB group where the utilisation of its vessels can be maximised and qualified to bid for more offshore maintenance works.
“The RRPT is anticipated to contribute positively to the earnings and the net assets of PPB group for the financial year ending Dec 31 2024,” said PPB.
Meanwhile, Harbour-Link Group Bhd said its wholly-owned subsidiary Harbour-Link Navigation Sdn Bhd has incorporated an 85%-owned subsidiary — Harbour Adventure Sdn Bhd (HASB). The remaining 15 per cent stake in the company is owned by Megan Millenium Sdn Bhd.
The intended business activity of HASB is ship owning and provision of ship management services.
Bintulu-based Harbour-Link’s core business is in containerised shipping in intra-Asia region and Malaysia. The group is also involved in integrated logistics, engineering works and property development businesses.
In another corporate development, SMTrack Bhd said the company has entered into a heads of agreement (HOA) with Straits Millenium Sdn Bhd to pave way for a joint venture in incorporating a new private limited company as the special purpose vehicle (SPV) for a project. The project is “Empowering Malaysia’s rural community centres — through rural digital economy under the Smart Village Programme”.
The principal activity of Straits Millenium is building maintenance and facility management.
“The rationale of the HOA is to pave way for further discussion and negotiation between the parties to formalise and set out the preliminary terms of their relationship with each other via their respective investment participation in the joint venture through the SPV,” SMTrack told Bursa Malaysia.
