KUALA LUMPUR (July 29): Petra Marine Sdn Bhd, a wholly owned subsidiary of Petra Energy Bhd (KL:PENERGY), announced on Wednesday that it is to sell two of its marine vessels for a total cash deal of about RM61.31 million.

The first sale is for its offshore support workboat, Petra Orbit, to Beaufond Swissline FZ-LLC, the commercial affiliate arm of UAE chemical manufacturer Beaufond plc, for RM29.63 million.

The second deal is with Indian company AJR Oil & Gas Engineering Services, for the disposal of its 300-man work barge, the Petra Endeavour, for RM31.67 million.

Both sales are expected to be completed by the end of September, when the vessels have been delivered to their respective buyers. Until then, Beaufond and AJR are to pay a 20% and 25% deposit, respectively, after the sales agreements are officially signed.

In its bourse filings, Petra explained that it is selling these vessels to monetise non-performing assets, with proceeds of the deals to be used as working capital.

Both ships were built in 2009. The 17-year-old Petra Orbit carries a book value of RM25.01 million. Meanwhile, the Petra Endeavour has a book value of RM30.06 million as at the proposal.

Petra’s shares dipped by 3.33% to 72.5 sen per share, giving it a market capitalisation of RM232.7 million. The stock is up 29.46% year-to-date.