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Flash Note – Petra Energy (BUY, maintain) - Acquiring Otto 3 work barge for US$14m




Affin Hwang Investment Bank Bhd


14 Feb 2013





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Petra Energy exercise option to purchase Otto 3 Petra Energy announced that the group had on 13 February 2013 entered into a Memorandum of Agreement with Otto Marine Limited to acquire Otto 3, an accommodation work barge for a cash consideration of US$14.1m (RM42.3m). To recap, Petra Energy had on 12 February 2010 entered into a charter agreement with Otto Marine in relation to Otto 3 for a period of 3 years from 24 February 2010 to 24 February 2013. Petra Energy has been chartering Otto 3 for offshore marine support of the Shell’s topside maintenance and HUC contract. Pursuant to the Otto 3 charter agreement, Petra Energy has the option to purchase Otto 3 at the end of the charter period for US$14.1m (RM42.3m).

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