The company said its wholly-owned subsidiary Petra Resources Sdn Bhd (PRSB) had entered into a memorandum of agreement with Marshall Islands-based vessel owner KML to acquire Otto 3 for a cash price of 42.3 million ringgit ($14.1 million).
PRSB entered into a three-year agreement with KML in February 2010 and has been chartering the barge for offshore marine support of a contract with Anglo-Dutch supermajor Shell.
Pursuant