KUALA LUMPUR (Oct 9): Petra Energy Bhd (KL:PENERGY) expects to recognise a net gain of RM3.22 million from the sale of an accommodation work barge for US$4.5 million (RM18.38 million) to Indonesian shipping firm PT Rajawali Perak Mulia.

The upstream oil and gas services provider said its wholly owned subsidiary Petra Marine Sdn Bhd had entered into a memorandum of agreement to dispose of the vessel Petra Challenger, according to a bourse filing on Friday.

The vessel had a net book value of RM14.61 million as at Oct 7, 2026. Built in 2004, it currently sails under the Malaysian flag.

Petra Energy said the disposal would allow the group to monetise a non-performing asset and realise its value at a reasonable price. The sale would also reduce future costs associated with laying up, reactivating and dry-docking the vessel.

Proceeds from the disposal will be used to support the group’s working capital requirements, it added.

The transaction does not require shareholder approval or approval from other relevant government authorities and is expected to be completed by the end of October.

Petra Energy shares closed 2.5 sen or 3.82% lower at 63 sen on Friday, valuing the group at RM201.12 million. The stock has gained 12.5% so far this year.