Petra Marine, a subsidiary of Petra Energy, has agreed to sell two Malaysian-flagged accommodation work barges in separate transactions valued at a combined $15 million.
India-based AJR Oil & Gas Engineering Services will acquire the Petra Endeavour for $7.75 million, equivalent to approximately RM31.68 million. The 2009-built barge had a net book value of RM30.06 million at the time of the proposed disposal.
The buyer is required to pay a 25% deposit of approximately RM7.92 million. The remaining 75%, or about RM23.76 million, will be paid when the vessel is delivered.
In the second transaction, Beaufond Swissline, which is registered in the UAE, will purchase the Petra Orbit for $7.25 million, equivalent to RM29.63 million.
The Petra Orbit was also built in 2009 and had a net book value of RM25.01 million. The payment terms include a 20% deposit of $1.45 million, followed by the remaining $5.8 million upon delivery.
Petra Energy said the prices were determined on a willing-buyer, willing-seller basis after considering market conditions and vessel valuations.
The company also said the transactions would reduce future lay-up, reactivation and drydocking costs associated with the two barges.
