Perdana Petroleum Berhad announces that Perdana Mercury Ltd (“PML”), a wholly-owned subsidiary of PPB, has on 21 November 2013, mutually agreed to terminate the bareboat charter arrangement with Mount Bintang LLC and Mount Bubu LLC on three vessels, i.e. “Perdana Liberty”, “Perdana Frontier” and “Perdana Horizon” , the company said in its press release.
On the same date, Perdana Pluto Ltd (“PPL”), a wholly-owned subsidiary of PPB, had entered into Memorandum of Agreements with Mount Bintang and Mount Bubu to purchase the Vessels for approximately RM50.0 million.
The Termination and the Purchase will result in the recognition of the Vessels as assets of the PPB Group and hence converting the Vessels that are foreign flag to Malaysian flag.