Perdana Nautika Sdn Bhd (PNSB), a wholly-owned subsidiary company of PPB, has accepted the letter of award (LOA) dated 10 January 2014 from Talisman Malaysia Limited for the charter of one unit of anchor handling tug supply (AHTS) vessel.
The charter will run effective from 10 December 2013 for a period of one year with extension option of an additional year.
The risks associated with the contract are normal operational risks which can be mitigated through PPB Group’s system of project management and internal business controls.
The LOA is valued at approximately RM50.0 million and is expected to contribute positively to the revenue and earnings of PPB Group for the financial year ending 31 December 2014 and the financial periods thereafter for the duration of the contract. There will be no effect on the gearing of the PPB Group and the Contract will not have material effect on the net asset per share for the financial year ending 31 December 2014.
None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, directly or indirectly in the said contract.
The Board of PPB is of the opinion the acceptance of the Contract is in the best interest of PPB.
PPB, January 17, 2014