ECM Libra Investment Research has estimated Petra Energy Bhd to currently have an outstanding order book of roughly RM1 billion.
This included the RM52 million contract from Petronas Carigali Sdn Bhd to construct the Kumang Cluster onshore tie-in at MLNG-2 and Bintulu Integrated Facilities onshore upgrading and modifications.
The contract is expected to last for one year, ECM Libra said in a research note today.
"Major jobs include the Sabah and Sarawak Shell RM1.1 billion contract (awarded in September 2008) and smaller contracts not yet completed are two more maintenance jobs, also for Sabah and Sarawak Shell," the research firm said.
Another research firm, OSK Research, said although the new contract merely made up about 10 per cent of its total revenue, any additional job would be good since the company has available capacity, given the slowdown in local oil and gas activities.
Saying that it has been several months since Petronas Carigali awarded contracts to the local market, OSK Research said this may be an indication of the start in the flow of jobs.
"However, we are keeping our financial year 2009-2010 earnings unchanged as we had earlier factored in potential job order replenishment for the company since the nature of its business is more stable," it said.
Although Petra Energy has market leadership in providing brownfield services in Malaysia, OSK Research said it was not "very bullish on the company until it see more long term and big contracts awards to keep it busy for several years".
In the immediate term, the research firm believed the closest potential contract would be from the US$2.1 billion potential spending by ExxonMobil on the seven existing platforms located off the coast of Terengganu.
However, there was yet to be any indication of the timing of contract award, it added. -- Bernama
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