Announcement Details/Table Section :
INTRODUCTION
The Board of PPB is pleased to announce that Perdana Nautika Sdn Bhd ("PNSB"), a subsidiary company of PPB, has secured from PETRONAS Carigali Sdn Bhd ("PCSB") a letter of award (the "LOA") for the supply of four (4) units of Anchor Handling Tug Supply (AHTS) vessels (the "Contract").
DURATION OF CONTRACT
The charters will run effective from 1st January 2013 for a period of five (5) years each with extension options of an additional year.
RISK FACTORS
The risks associated with the Contract are normal operational risks which can be mitigated through PPB's system of project management and internal business controls.
FINANCIAL EFFECTS
The LOA is valued at approximately RM430 million andis expected to contribute positively to the revenue and earnings of PPB Group for the financial year ending 31 December 2013 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 2013.
DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST
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.
DIRECTORS' STATEMENT
The Board of PPB is of the opinion the acceptance of the Contract is in the best interest of PPB.
This announcement is dated 7 January 2012.
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