Dateline 2011-05-17:
KUALA LUMPUR: Oil and gas (O&G) brownfield services provider Petra Energy Bhd does not expect further losses to come from its Kumang Cluster project in Sarawak, which had resulted in the company losing some RM26.3mil in the fourth quarter of last year.
The losses stemmed from the rejection of pipes due to quality issues, leasing and delays in the delivery schedule but the cost overruns were expected to be fully contained in the 2010 books, Petra Energy executive director Ahmadi Yusoff told reporters yesterday after the company’s shareholders meeting.
He added that the company was looking at pursuing legal action against the company it had sub-contracted the job to, Coral Alliance Sdn Bhd, as the loss amount was not a small quantum.
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Wata - Malaysian Oil and Gas Engineer 