Kuala Lumpur: Petra Energy unit Petra Resources has agreed with KOI Marine to acquire the accommodation work barge Otto 3 for $14.1m, effectively exercising its purchase option after the expiry of its three-year charter contract for the vessel which is due to end on 24 February.

Petra Resources has been chartering Otto 3 for offshore marine support of the top-side major maintenance/hook-up, construction and commissioning contract with Sarawak Shell and Sabah Shell Petroleum in the waters off Sarawak and Sabah which is expiring on 30 June 2013. Petra is also using another three work barges and two work boats to service this contract. The vessel is currently valued at $26.5m.

Petra said the purchase will be fully financed by internally generated funds and is expected to contribute positively to future earnings. The company added that it believes the prospects for the oil and gas industry in Malaysia are positive with increases in capital expenditure of oil and gas companies, and expects the acquisition of Otto 3 to continue to contribute positively.