Petra Energy agrees US$4.5 million sale of Petra Challenger
The company anticipates a RM3.22 million net gain and plans to put the disposal proceeds towards working capital.
Petra Energy Bhd said it expects a net gain of RM3.22 million after its subsidiary agreed to sell Petra Challenger, an accommodation work barge, to PT Rajawali Perak Mulia. The Indonesian shipping firm's purchase price is US$4.5 million (RM18.38 million).
According to Petra Energy's bourse filing, wholly owned Petra Marine Sdn Bhd signed a memorandum of agreement covering the disposal. The group expects completion by the end of October, with no approvals needed from shareholders or relevant government authorities.
The oil and gas services provider described the barge as a non-performing asset. It said selling it would release its value and cut future spending on lay-up, reactivation and dry-docking. The proceeds will support working capital.
Petra Challenger carries the Malaysian flag and was built in 2004. Its recorded net book value on Oct 7, 2026 was RM14.61 million.
Petra Energy ended trading at 63 sen, a decline of 2.5 sen or 3.82%, with a market valuation of RM201.12 million. Its shares have risen 12.5% so far this year.
