Kuala Lumpur: Malaysia’s Petra Energy has bought out KAS Ship Management for RM3m. Four-year-old KAS was owned by four parties, namely Shorefield Offshore Services, Ahmadi Bin Yussoff, Hatitz Bin Khalid and Kamarul Baharin Bin Albakri.
KAS is principally engaged in the provision of marine support services for the oil and gas industry. It has a wholly-owned subsidiary, KAS Marine, incorporated in the Federal Territory of Labuan engaged in the provision of offshore support vessel leasing. KAS Marine’s principal asset is KAS Marine 1, a vessel built in China in the year 2008. KAS Marine 1 is an anchor handling tug supply vessel and is Petra Energy’s first such ship. It “may in the future be used to support any upstream oil and gas activities including the small field risk service contract for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields in offshore Terengganu, Malaysia,” Petra said in a release.
“With the prospects of the oil and gas industry being positive with increases in capital expenditure of oil and gas companies, KAS is expected to benefit positively from its existing time charter contract with InOilCo with two renewal options of two years each as a continuous source of revenue,” Petra maintained. [18/01/13]