Malaysia’s Petra Marine has agreed to sell two Malaysian-flagged accommodation work barges in separate deals worth a combined $15 million, reducing its exposure to idle assets and future laying-up costs, according to Splash247.
The company entered a memorandum of agreement with India-based AJR Oil & Gas Engineering Services to sell the Petra Endeavour for $7.75 million (approximately RM31.68 million). The 2009-built accommodation work barge had a net book value of RM30.06 million at the time of disposal, according to Petra Marine. Under the payment terms, the buyer is required to pay a 25% deposit (equivalent to about RM7.92 million), with the remaining 75% (approximately RM23.76 million) due on delivery.
In a separate deal, Petra Marine agreed to sell the Petra Orbit to UAE-registered Beaufond Swissline for $7.25 million (equivalent to RM29.63 million). This vessel, also built in 2009, had a net book value of RM25.01 million. The buyer will pay a 20% deposit of $1.45 million, while the remaining $5.8 million is payable upon delivery.
Petra Marine said the sale prices were agreed on a willing-buyer, willing-seller basis after considering market conditions and vessel valuations. The company stated: “The disposal is timely as it allows PEB to monetise a non-performing asset within the group and crystallise the value of the vessel at a reasonable price.”
The following table summarises the key terms of each sale:
| Barge | Buyer | Buyer Location | Sale Price | Net Book Value | Deposit | Balance on Delivery |
|---|---|---|---|---|---|---|
| Petra Endeavour | AJR Oil & Gas Engineering Services | India | $7.75m (RM31.68m) | RM30.06m | 25% (~RM7.92m) | 75% (~RM23.76m) |
| Petra Orbit | Beaufond Swissline | UAE | $7.25m (RM29.63m) | RM25.01m | 20% ($1.45m) | 80% ($5.8m) |
According to Petra Marine, the sales will also reduce future laid-up, reactivation, and drydocking costs associated with the two barges. The company did not disclose whether the proceeds would be reinvested or used for other corporate purposes.
For logistics and freight operators involved in offshore projects, the removal of two accommodation barges from the active pool could tighten supply in certain regions such as Southeast Asia and the Middle East, although the immediate impact is likely limited given the non-performing status of the assets.
Watch list: No further asset sales or fleet changes were announced by Petra Marine. The company’s future vessel management strategy remains unstated, but any additional sales could further reduce accommodation barge availability.
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