Why Petra Energy price is going up?
by Koon Yew Yin
The cost of an offshore oil rig can be more than one billion Ringgit depending on its location. All oil rigs require constant maintenance.
The reason why Petra Energy share price is going up higher and higher is because of its good track record in oil rig maintenance contracts awarded by Petroleum Sarawak Bhd, Petronas Carigali Sdn Bhd and Petronas Bhd.
Company profile
Petra Energy Bhd is an investment holding company which provides a range of integrated brownfield services for the upstream oil and gas industry in Malaysia.
It operates through Services, Marine Assets, and Production and Development and Production segments.
The company offers services in construction commissioning and maintenance, engineering, operations and maintenance, oil field optimization, retrofits, domestic vessels re-charter, geophysical, design, and fabrication of process equipment; and packaging and supply of engineered equipment, as well as project management, procurement, and logistic services.
Sarawak’s State-owned Oil & Gas Company, Petroleum Sarawak Bhd gave a long term contract of 29 years.
Phase 1 of the Contract is for an initial four (4) years with an option to extend for another year.
Upon successful outcome of Phase 1, the subsequent Phase 2 will involve the development and production activities.
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