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Company Update - Petra Energy (BUY, maintain) - Eyeing RM5bn Pan Malaysia HUC contracts; delays in recognition of KBM RSC accounting profit




Affin Hwang Investment Bank Bhd


07 Feb 2013





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Eyeing RM5bn Pan Malaysia HUC contracts; delays in recognition of KBM RSC accounting profit Tendering for RM5bn Pan Malaysia HUC contracts We recently met up with management for an update on Petra Energy’s operation and business outlook. We understand that Petra Energy has submitted its bids for RM5bn worth of Shell and Petronas’ HUC contracts under the Pan Malaysia tender. To recap, the Pan Malaysia HUC tender is estimated to worth RM8-10bn, comprises of 9 packages from Petronas (5 packages), Shell, Murphy Oil, ExxonMobil and Nippon Oil. The Shell HUC contract requires 4 workboats and 5 work barges while each of Petronas’ 5 packages requires 1 AHTS vessel and 1 work boat. Petra Energy is the current service provider for Shell’s Sabah/ Sarawak and Petronas’ Sarawak HUC contract with work orders until June 2013. Given their solid track record and working relationship with Shell and Petronas, we expect Petra Energy to secure an equitable share (RM2.5-3bn) in the new tenders, expected to be awarded in 2Q13. Separately, Petra Energy is also bidding for smaller domestic and regional HUC contracts worth RM300m.

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