Petra Energy Berhad Announces Redesignation of Ng Ing Peng as Independent and Non Executive Member of Risk Committee

Petra Energy Berhad is a Malaysia-based investment holding company. The Company operates through three segments: Services, Marine Assets, and Development and Production. The Services segment provides services, such as Hook-up Commissioning, Topside Major Maintenance, vessel management and time chartering, fabrication, subsea and underwater, as well as trading and engineering services. The Marine Assets segment comprises subsidiaries which own the Group’s marine assets and hold license to carry on the leasing business. The segment’s major business activity is bareboat chartering of vessels internally within the Company and to third party vessel management companies. The Development & Production segment covers the Company’s business activities in relation to rejuvenation of matured fields, as well as small and marginal field development and production. This involves the Inaugural Petroleum Contract for onshore Block SK433 in Miri for Petroleum Sarawak (PETROS).