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Company Update – Perdana Petroleum (ADD, maintain) - Disposing 7 units of old vessels for US$3.5m




Affin Hwang Investment Bank Bhd


27 Feb 2013





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Disposing 7 units of old vessels for US$3.5m (RM10.7m) Perdana Petroleum announced that its wholly-owned subsidiary, Petra Offshore Limited had on 25 February 2013 entered into an agreement to dispose 7 units of old vessels enbloc to PT Ninda Pratama Vriesindo for a cash consideration of US$3.5m (approximately RM10.7m). The salient term of the disposal agreement is that 20% of the sale consideration is payable within 3 days from the date of signing of the disposal agreement and the balance 80% is payable 7 days prior to the collection of vessels. The expected time of delivery of the vessels will be on 15 March 2013.

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