Perdana Nautika Sdn Bhd has on 14 June 2022 received a work order extension from PETRONAS Carigali Sdn Bhd (the “Charterer”) for the Provision of One (1) Unit of Anchor Handling Tug & Supply (“AHTS”) Vessel (“Contract”). The duration of the initial contract, commenced from 4th August 2021 until 14th June 2022. Subsequently, PNSB received the Contract extension for a duration of up to one hundred sixty-nine (169) days with an option of additional thirty (30) days commencing 15th June 2022 and valued at approximately RM8.4 million.

PNSB shall provide the AHTS vessel with crews and equipment to perform 24-hour services for assisting and/or servicing drilling rigs, offshore installation, derrick barges, towing and anchor jobs. The Contract is expected to contribute to the earnings and net assets of PPB Group for the financial year ending 31 December 2022. The Contract will not have effect on the share capital and shareholding structure of PPB.

The risks associated with the Contract are normal operational risks, which can be mitigated through PPB Group's system of project management and internal business controls. None of the Directors and/or major shareholders or persons connected to them have any direct or indirect interest in the Contract.