Malaysian offshore marine services provider Petra Energy has agreed to dispose of two accommodation vessels, Petra Orbit and Petra Endeavour, for a total consideration of $15 million.
The transactions were executed through its subsidiary Petra Marine under separate agreements with United Arab Emirates-based Beaufond Swissline and India-based AJR Oil and Gas Engineering Services.
Under a memorandum of agreement signed on July 17, Beaufond Swissline will acquire the 2009-built Petra Orbit for $7.25 million. The transaction includes a 20 per cent deposit of $1.45 million, with the remaining 80 per cent balance of $5.8 million payable upon physical delivery of the Malaysian-flagged vessel at Kuantan Anchorage.
Petra Marine subsequently entered into a second agreement on July 23 to sell the 2009-built Petra Endeavour to AJR Oil and Gas Engineering Services for $7.75 million. That deal requires a 25 per cent deposit of MYR7.92 million, followed by a 75 per cent final payment of MYR23.76 million prior to handover.
Petra Energy stated in company filings that selling the non-performing assets will allow the group to monetise vessel values while reducing annual laid-up, reactivation and dry-docking expenses.
Net proceeds from both transactions will support working capital requirements, with expected net disposal gains of MYR2.25 million from Petra Orbit and MYR0.82 million from Petra Endeavour.
Before the transactions, Petra Orbit had a net book value of MYR25.01 million against an original cost of MYR66.46 million, while Petra Endeavour had a net book value of MYR30.06 million compared with an original cost of MYR69.19 million.
According to the company, both vessel disposals are expected to be completed by the end of September 2026.