Malaysian offshore oil and gas service provider Petra Energy is selling two offshore accommodation vessels through its subsidiary, Petra Marine, for a total of $15 million; the transaction is expected to be completed by the end of September 2026.
Specifically, the UAE-based Beaufond Swissline is acquiring the “Petra Orbit”, while India’s AJR Oil and Gas Engineering Services is acquiring the “Petra Endeavour”.
The “Petra Orbit”, built in 2009 and flying the Malaysian flag, is being sold for US$7.25 million. Petra Marine signed a memorandum of understanding with Beaufond Swissline on July 17, agreeing to an initial 20% deposit (US$1.45 million), with the remaining 80% balance (US$5.80 million) payable upon delivery of the vessel at the Kuantan anchorage.
The “Petra Endeavour”, also built in 2009, is being sold for US$7.75 million. Petra Marine signed an agreement with AJR Oil and Gas Engineering Services on July 23; the transaction requires a 25% deposit (US$1.94 million) upfront, with the remaining 75% balance (US$5.81 million) due prior to vessel delivery.
Petra Energy stated that selling these non-performing assets would unlock the value of the vessels while simultaneously reducing annual costs associated with vessel idleness, reactivation, maintenance, and dry-docking. Net proceeds from these two transactions will be used for corporate operations; the estimated net gain on disposal is US$500,000 for the Petra Orbit and US$200,000 for the Petra Endeavou.
Prior to the transactions, the Petra Orbit had an original acquisition cost of US$16.26 million and a net book value of US$6.12 million, while the Petra Endeavour had an original acquisition cost of US$16.92 million and a net book value of US$7.35 million.