winning strategy 2 1 1 3-a a n n u a l r e p o r t 2 0 0 8 l a p o r a n t a h u n a n. groupvision...

PETRA PERDANA BERHAD372113-A

A WinningStrategyStrategi Kejayaan

a n n u a l r e p o r tl a p o r a n t a h u n a n

PETRA PERDANA BERHAD 372113-A6-8, Jalan 3/3C, Batu 7 Jalan Ipoh,68100 Kuala Lumpur, Malaysia.Tel:+ 60 3 6257 1111 Fax:+ 60 3 6257 7708E-mail: [email protected]

www.petra.com.my

PETR

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372113-Aannualreport2008

laporantahunan

Group visionWawasan Kumpulan

Petra Perdana Berhad, through sustainabledevelopment practices aspires to be the leadingoffshore marine services provider for the upstreamoil and gas industry in the region

Melalui amalan pembangunan mapan, Petra PerdanaBerhad bertekad untuk menjadi penyedia perkhidmatanmarin yang terkemuka kepada industri minyak dan gashuluan di peringkat serantau

a winning strategyIn the oil and gas industry, credibility is everything. And that’s why our winning strategy stems fromour on-going drive to be a cut above the rest, in resources, capabilities, deliverables and quality. It’sa strategy that separates tomorrow’s success story from today’s competition and one that has certainlyproven true for us at Petra Perdana Berhad

strategi kejayaanKebolehpercayaan adalah segala-galanya dalam industri minyak dan gas. Strategi kejayaan kami bermula daripada usaha gigihkami yang berterusan untuk menjadi yang terbaik dari segi sumber, keupayaan, penyediaan dan mutu. Strategi kami adalah yangmembawa kemenangan hari esok dalam menghadapi persaingan hari ini. Inilah strategi kejayaan Petra Perdana Berhad.

Corporate Information 2 – 3Maklumat Korporat 2 – 3

Board of Directors 4Lembaga Pengarah 4

Directors’ Profile 5 – 9Profil Para Pengarah 5 – 9

Business Overview 12 – 15Gambaran KeseluruhanPerniagaan 12 – 15

Chairman’s Statement 18 – 29Penyata Pengerusi 18 – 29

Review of Operations 30 – 31Tinjauan Operasi 30 – 31

Audit Committee Report 34 – 35Laporan JawatankuasaAudit 36 – 37

Statement ofInternal Control 38Penyata KawalanDalaman 39

Board of Directors’Statements 40 – 42Penyata LembagaPengarah 43 – 45

Additional Disclosure 46 – 47Pendedahan Tambahan 48 – 49

Corporate Responsibility 52 – 55Tanggungjawab Korporat 52 – 55

Financial Statements 56 – 110Penyata Kewangan 111 – 165

List of Properties 166Senarai Hartanah 166

Analysis of Shareholdings 167 – 170Analisis Pegangan Saham 167 – 170

Proxy FormBorang Proksi

ContentsKandungan

13thNotice of AnnualGeneral Meeting

171 – 173Notis MesyuaratAgung Tahunan

174 – 176

petrA perDAnA BerHAD (372113-A)

annual report 2008 laporan tahunan2

C O R P O R AT E I N F O R M AT I O Nmaklumat korporat

AuDitorsPARA JURUAUDIT

Horwath (AF 1018)Chartered Accountants/Akauntan BertauliahLevel 16, Tower C, Megan Avenue II12, Jalan Yap Kwan Seng50450 Kuala Lumpur

HeADQuArtersIBU PEJABAT

No. 6-8, Jalan 3/3C, Batu 7Jalan Ipoh, 68100 Kuala LumpurTelephone : +603 6257 1111Facsimile : +603 6257 7708Email : [email protected] : www.petra.com.my

BoArD oF DireCtorsLEMBAGA PENGARAH

Y.M. Tengku Dato’ Ibrahim Petra bin Tengku Indra PetraExecutive Chairman & Chief Executive OfficerPengerusi Eksekutif & Ketua Pegawai Eksekutif

Datin Nariza Hajjar HashimExecutive DirectorPengarah Eksekutif

Ahmad bin Haji Mohd SharkanIndependent Non-Executive DirectorPengarah Bebas Bukan Eksekutif

Wong Fook HengIndependent Non-Executive DirectorPengarah Bebas Bukan Eksekutif

Tiong Young Kong(appointed/dilantik 3 December/Disember 2008)Independent Non-Executive DirectorPengarah Bebas Bukan Eksekutif

CoMpAnY seCretArYSETIAUSAHA SYARIKAT

Teh Peng Peng(MAICSA No: 7021299)

AuDit CoMMitteeJAWATANKUASA AUDIT

Ahmad bin Haji Mohd SharkanChairman/Pengerusi

Wong Fook HengMember/Ahli

Tiong Young Kong(appointed/dilantik 15 December/Disember 2008)Member/Ahli

reGistereD oFFiCePEJABAT BERDAFTAR

No. 6-8, Jalan 3/3C, Batu 7Jalan Ipoh, 68100 Kuala LumpurTelephone : +603 6257 1111Facsimile : +603 6257 1020Email : [email protected]

sHAre reGistrArPENDAFTAR SAHAM

Symphony Share RegistrarsSdn Bhd (378993-D)Level 26, Menara Multi-PurposeCapital SquareNo. 8, Jalan Munshi Abdullah50100 Kuala LumpurTelephone : +603 2721 2222Facsimile : +603 2721 2530

soLiCitorsPEGUAM-PEGUAM

Messrs. Kamarudin & partnersSuites 12A-06 & 12A-07Level 12A, Heritage HouseNo. 33, Jalan Yap Ah Shak50300 Kuala Lumpur

Messrs. raslan LoongSERLAH Level 3AMenara John HancockNo. 6, Jalan GelenggangDamansara Heights50490 Kuala Lumpur

Messrs. Zul rafique & partnersSuite 17.01, 17th FloorMenara PanGlobalNo. 8, Lorong P. Ramlee50250 Kuala Lumpur

Messrs. Zaid ibrahim & Co.Lot 102 & 104, First FloorWisma Bukit Mata KuchingJalan Tuanku Abdul Rahman93100 Kuching, Sarawak

prinCipAL BAnKersBANK-BANK UTAMA

United Overseas Bank (Malaysia)Berhad (271809-K)

Hwang DBS Investment Bank Berhad(14389-U)

EON Bank Berhad(92351-V)

Alliance Bank Malaysia Berhad(88103-W)

HSBC Bank Malaysia Berhad(127776-V)

OCBC Bank (Malaysia) Berhad(295400-W)

Malayan Banking Berhad (3813-K)

stoCK eXCHAnGe ListinGPENYENARAIAN BURSA SAHAM

Main Board of Bursa Malaysia SecuritiesBerhadPapan Utama, Bursa Malaysia SecuritiesBerhadSector/Sektor : Trading/Services

Perniagaan/Perkhidmatan

Stock Code/Kod Stok : 7108Stock Name/Nama Stok : PETRA





B O A R D O F D I R E C T O R Slembaga pengarah

Sitting from left to right/Duduk dari kiri ke kanan

DAtin nAriZA HAjjArHAsHiMExecutive DirectorPengarah Eksekutif

Y.M. tenGKu DAto’iBrAHiM petrA BintenGKu inDrA petrAExecutive Chairman &Chief Executive OfficerPengerusi Eksekutif &Ketua Pegawai Eksekutif

Standing from left to right/Berdiri dari kiri ke kanan

tionG YounG KonGIndependent Non-Executive Director

Pengarah Bebas Bukan Eksekutif

WonG FooK HenGIndependent Non-Executive DirectorPengarah Bebas Bukan Eksekutif

AHMAD Bin HAji MoHDsHArKAnIndependent Non-Executive DirectorPengarah Bebas Bukan Eksekutif



D I R E C T O R S ’ P R O F I L E

Y.M. tengku Dato’ ibrahim petra bintengku indra petra, a Malaysian citizenof age 53, was appointed to the Board inMay 2000 as the Executive Chairman &Chief Executive Officer of Petra PerdanaBerhad (“Petra Perdana”).

He holds a Bachelor of Science(Marketing) Degree from the Universityof Oregon, USA.

He began his career with PETRONAS in1980, and two years later was appointedby the Ministry of Foreign Affairs, Malaysiaas the Malaysian Consul General based inLos Angeles, USA. Upon his return in 1984,he assumed the position of ExecutiveChairman in Petra Finance Berhad untilthe company was sold in 1995. In 1988,while he was still with Petra FinanceBerhad, he formed Petra ResourcesSdn Bhd (“Petra Resources”), an oil and gastrading company. He was appointed itsNon-Executive Chairman, and in 1998,became the Executive Chairman andManaging Director of Petra Resources. Hewas later appointed the ExecutiveChairman and Chief Executive Officer ofPetra Perdana when Petra Resources wasacquired by Petra Perdana in May 2000.Petra Resources is currently a wholly-owned subsidiary of Petra Energy Berhad(“Petra Energy”), which in turn is asubsidiary of Petra Perdana. His primaryrole is to spearhead Petra Perdana inachieving its vision as the leading offshoremarine services provider for the upstreamoil and gas industry in the region.

Currently, his other directorships in publiccompanies are Petra Energy, which islisted on the Main Board of Bursa MalaysiaSecurities Berhad, and Intra Oil ServicesBerhad, a non-listed wholly-ownedsubsidiary company of Petra Perdana.

He was President of the Malaysian Oil &Gas Services Council (“MOGSC”) for twoconsecutive terms since its inception inDecember 2003. His tenure as President,ended in April 2008. MOGSC isresponsible for the development andpromotion of the oil & gas services sector.

He is a related party with interests incertain recurrent transactions involvingthe Petra Perdana Group of Companies.

The details of the recurrent related partytransactions are set out in page 47 of thisAnnual Report and in the Circular toShareholders dated 3 June 2009.

His wife, Datin Nariza Hajjar Hashim, is anExecutive Director and a substantialshareholder of Petra Perdana.

He has not been convicted of any offencewithin the past 10 years.

Y.M. Tengku Dato’ Ibrahim Petra binTengku Indra Petra, warganegaraMalaysia berusia 53 tahun, dilantik keLembaga Pengarah pada bulan Mei 2000sebagai Pengerusi Eksekutif & KetuaPegawai Eksekutif Petra Perdana Berhad(“Petra Perdana”).

Beliau memiliki Ijazah Sarjana Muda Sains(Pemasaran) daripada Universiti Oregon,Amerika Syarikat.

Beliau memulakan kerjayanya diPETRONAS pada tahun 1980 dan duatahun kemudian, dilantik olehKementerian Luar Negara, Malaysia untukmemegang jawatan sebagai Ketua KonsulMalaysia di Los Angeles, Amerika Syarikat.Sekembalinya ke tanahair pada tahun1984, beliau berkhidmat sebagai PengerusiEksekutif Petra Finance Berhad sehinggasyarikat tersebut dijual pada tahun 1995.Pada tahun 1988, semasa masih lagiberkhidmat di Petra Finance Berhad, beliautelah menubuhkan Petra Resources SdnBhd (“Petra Resources”), sebuah syarikatperdagangan minyak dan gas. Beliaudilantik sebagai Pengerusi Bukan EksekutifPetra Resources dan pada tahun 1998dilantik sebagai Pengerusi Eksekutif danPengarah Urusan. Apabila Petra Resourcesdiambilalih oleh Petra Perdana pada bulanMei 2000, beliau kemudiannya dilantiksebagai Pengerusi Eksekutif dan KetuaPegawai Eksekutif. Petra Resources kini

Y.M. tenGKu DAto’ iBrAHiM petrABin tenGKu inDrA petrA

Executive Chairman & Chief Executive Officer/Pengerusi Eksekutif & Ketua Pegawai Eksekutif

merupakan sebuah syarikat subsidiarimilik penuh Petra Energy Berhad (“PetraEnergy”), yang sebaliknya merupakansebuah syarikat subsidiari Petra Perdana.Peranan utama beliau adalah untukmenerajui Petra Perdana untuk mencapaivisi sebagai pembekal perkhidmatanmarin luar pesisir yang terkemuka bagiindustri minyak dan gas huluan di rantauini.

Kini beliau turut berkhidmat sebagaipengarah di beberapa buah syarikatawam lain seperti Petra Energy yangtersenarai di Papan Utama Bursa MalaysiaSecurities Berhad, dan Intra Oil ServicesBerhad, sebuah syarikat subsidiari milikpenuh Petra Perdana yang tidaktersenarai.

Beliau pernah menjadi Presiden MajlisPerkhidmatan Minyak dan Gas Malaysia(“MOGSC”) selama dua penggal berturut-turut sejak ianya ditubuhkan pada bulanDisember 2003 hingga bulan April 2008.MOGSC bertanggungjawab terhadappembangunan dan promosi sektorperkhidmatan dalam industri minyakdan gas.

Beliau merupakan pihak berkaitan yangmempunyai kepentingan dalam beberapaurusniaga tertentu yang berulangan yangmelibatkan syarikat-syarikat dalamKumpulan Petra Perdana. Keteranganterperinci mengenai urusniaga pihakberkaitan yang berulangan dibentangkandi muka surat 49 dalam Laporan Tahunanini dan dalam Pekeliling kepada paraPemegang Saham bertarikh 3 Jun 2009.

Isteri beliau, Datin Nariza Hajjar Hashim,adalah seorang Pengarah Eksekutif danpemegang saham utama Petra Perdana.

Beliau tidak dikenakan tindakan undang-undang atas sebarang kesalahansepanjang tempoh 10 tahun lepas.

profil para pengarah



Datin nariza Hajjar Hashim, aMalaysian citizen of age 48, wasappointed the Executive Director of PetraPerdana Berhad (“Petra Perdana”) in May2000.

She holds a Diploma in Business Studiesfrom the London Polytechnic, UnitedKingdom.

Prior to her appointment, she wasattached to a number of organisationsthat included PERA-Leasing Sdn Bhd,Floline Sdn Bhd and The Star Publications(Malaysia) Berhad.

In 1995, she was appointed to the Boardof Petra Resources Sdn Bhd as Director ofPublic Affairs. She held this position untilher appointment as Executive Director ofPetra Perdana.

She is the Chairman of the Committee forCorporate Social Responsibility, amanagement committee formed toundertake social and sustainableinitiatives for the Group.

She is a related party with interests incertain recurrent transactions involvingthe Petra Perdana Group of Companies.The details of the recurrent related partytransactions are set out in page 47 of thisAnnual Report and in the Circular toShareholders dated 3 June 2009.

Her husband, Y.M. Tengku Dato’ IbrahimPetra bin Tengku Indra Petra, is theExecutive Chairman and Chief ExecutiveOfficer and a substantial shareholder ofPetra Perdana.

She has not been convicted of anyoffence within the past 10 years.

Datin Nariza Hajjar Hashim,warganegara Malaysia berusia 48 tahun,dilantik sebagai Pengarah Eksekutif PetraPerdana Berhad (“Petra Perdana”) padabulan Mei 2000.

Beliau memiliki Diploma PengajianPerniagaan daripada London Polytechnic,United Kingdom.

Sebelum pelantikan tersebut, beliaupernah berkhidmat dengan beberapaorganisasi yang meliputi PERA-Leasing SdnBerhad, Floline Sdn Bhd dan The StarPublications (Malaysia) Berhad.

Pada tahun 1995, beliau dilantik keLembaga Pengarah Petra Resources SdnBhd sebagai Pengarah PerhubunganAwam. Beliau memegang jawatantersebut sehingga beliau dilantik sebagaiPengarah Eksekutif Petra Perdana.

Beliau merupakan PengerusiJawatankuasa bagi TanggungjawabSosial Korporat, sebuah jawatankuasapengurusan yang dibentuk untukmelaksanakan inisiatif kemampanan dansosial Kumpulan.

Beliau merupakan pihak berkaitan yangmempunyai kepentingan dalam beberapaurusniaga tertentu yang berulangan yangmelibatkan syarikat-syarikat dalamKumpulan Petra Perdana. Keteranganterperinci mengenai urusniaga pihakberkaitan yang berulangan dibentangkandi muka surat 49 dalam Laporan Tahunanini dan dalam Pekeliling kepada paraPemegang Saham bertarikh 3 Jun 2009.

Suami beliau, Y.M. Tengku Dato’ IbrahimPetra bin Tengku Indra Petra, merupakanPengerusi Eksekutif dan Ketua PegawaiEksekutif serta pemegang saham utamaPetra Perdana.

Beliau tidak dikenakan tindakan undang-undang atas sebarang kesalahansepanjang tempoh 10 tahun lepas.

DAtin nAriZA HAjjAr HAsHiMExecutive Director/Pengarah Eksekutif

D I R E C T O R S ’ P R O F I L Eprofil para pengarah



Ahmad bin Haji Mohd sharkan, aMalaysian citizen of age 68, wasappointed as an Independent Non-Executive Director of Petra PerdanaBerhad (“Petra Perdana”) in June 2000.

He holds a Masters degree in BusinessAdministration (International Business &Finance) from the Catholic University atLeuven, Belgium; Bachelor of Arts (Hons-Econs) Degree from the University ofMalaya; Certificate of Education from theInstitute of Education, University ofBirmingham, England and Diploma(Islamic Studies) from the InternationalIslamic University, Kuala Lumpur.

He served the Government of Malaysiafrom 1964 to 1995, initially as a teacherwith the Education Department and lateras an Economist with the MalaysianIndustrial Development Authority(MIDA). Upon his retirement fromgovernment service, he became aconsultant and was engaged by theMalaysian Institute of Economic Research(MIER) for Malaysia’s Second IndustrialMaster Plan (1996-2005), where heauthored the section on “Developmentof the Marine Transport Industry”. He wasalso engaged as a consultant for specialprojects by the United Nations IndustrialDevelopment Organisation (UNIDO) inVienna, Austria. Encik Ahmad has alsowritten various articles, reports and casestudies on industrial development forseminars, symposiums and publications.

He is the Chairman of the AuditCommittee of the Board of Directors ofPetra Perdana.

He does not have any familyrelationships with any member of theBoard or substantial shareholder of PetraPerdana. He does not have any conflict ofinterest with Petra Perdana and neitherhas he been convicted of any offencewithin the past 10 years.

Ahmad bin Haji Mohd Sharkan,warganegara Malaysia berusia 68 tahun,dilantik sebagai Pengarah Bebas BukanEksekutif Petra Perdana Berhad (“PetraPerdana”) pada bulan Jun 2000.

Beliau memiliki Ijazah SarjanaPentadbiran Perniagaan (Perdagangan &Kewangan Antarabangsa) daripadaCatholic University di Leuven, Belgium;Ijazah Sarjana Muda Sastera (Ekonomi-Kepujian) daripada Universiti Malaya; SijilPendidikan daripada Institute ofEducation, University of Birmingham,England dan Diploma (Pengajian Islam)daripada Universiti Islam Antarabangsa,Kuala Lumpur.

Beliau berkhidmat dengan KerajaanMalaysia sejak tahun 1964 hingga 1995,bermula sebagai seorang guru di JabatanPendidikan dan kemudian sebagai Pakar

Ekonomi di Lembaga KemajuanPerindustrian Malaysia (“MIDA”). Selepasbersara daripada perkhidmatan kerajaan,beliau berkhidmat sebagai seorang juruperunding dan ditugaskan oleh InstitutPenyelidikan Ekonomi Malaysia (MIER)untuk menjalankan kajian tentang PelanInduk Perindustrian Kedua Malaysia (1996-2005), di mana beliau telah menulistentang “Pembangunan IndustriPengangkutan Marin”. Beliau turut diambilberkhidmat sebagai seorang juruperunding untuk beberapa projek khasPertubuhan Pembangunan PerindustrianBangsa-Bangsa Bersatu (UNIDO) diVienna, Austria. Encik Ahmad juga pernahmenulis pelbagai rencana, laporan dankajian kes mengenai pembangunanperindustrian untuk pelbagai seminar,simposium dan penerbitan.

Beliau adalah Pengerusi JawatankuasaAudit Lembaga Pengarah Petra Perdana.

Beliau tidak mempunyai sebaranghubungan kekeluargaan dengan sebarangahli Lembaga Pengarah atau pemegangsaham utama Petra Perdana. Beliau tidakmempunyai sebarang konflik kepentingandengan Petra Perdana atau dikenakantindakan undang-undang atas sebarangkesalahan sepanjang tempoh 10 tahunlepas.

AHMAD Bin HAji MoHD sHArKAnIndependent Non-Executive Director/Pengarah Bebas Bukan Eksekutif



Wong Fook Heng, a Malaysian citizen ofage 53, was appointed as anIndependent Non-Executive Director ofPetra Perdana Berhad (“Petra Perdana”) inJuly 2001.

He is an associate member of theMalaysian Institute of Accountants (MIA),Malaysian Institute of Certified PublicAccountants (MICPA) and the Institute ofChartered Accountants in Australia (ICA-Australia), and has been a practisingChartered Accountant since 1986.

He is a member of the Audit Committeeof the Board of Directors of PetraPerdana.


Wong Fook Heng, warganegara Malaysiaberusia 53 tahun, dilantik sebagaiPengarah Bebas Bukan Eksekutif PetraPerdana Berhad (“Petra Perdana”) padabulan Julai 2001.

Beliau adalah seorang ahli bersekutuInstitut Akauntan Malaysia (“MIA”), InstitutAkauntan Awam Bertauliah Malaysia(“MICPA”) dan Institute of CharteredAccountants in Australia (“ICA-Australia”),dan merupakan seorang AkauntanBertauliah sejak tahun 1986.

Beliau adalah seorang ahli JawatankuasaAudit Lembaga Pengarah Petra Perdana.

Beliau tidak mempunyai sebaranghubungan kekeluargaan dengansebarang ahli Lembaga Pengarah ataupemegang saham utama Petra Perdana.Beliau tidak mempunyai sebarang konflikkepentingan dengan Petra Perdana ataudikenakan tindakan undang-undang atassebarang kesalahan sepanjang tempoh10 tahun lepas.

WonG FooK HenGIndependent Non-Executive Director/Pengarah Bebas Bukan Eksekutif

D I R E C T O R S ’ P R O F I L Eprofil para pengarah



tiong Young Kong, a Malaysian citizenof age 60, was appointed as anIndependent Non-Executive Director ofPetra Perdana Berhad (“Petra Perdana”) inDecember 2008.

He holds a Bachelor of Science(Chemistry) Degree from the Universityof Malaya and a Master in BusinessManagement from the Asian Institute ofManagement.

He was with Malayan Banking Bhd in1978 and later joined D & C NomuraMerchant Bank Bhd in 1980, both asAssistant Manager in the LoanDepartment. From 1981 to 1999, he wasattached to PICA (M) Corporation Bhd,where he held the position of ExecutiveDirector.

He is a member of the Audit Committeeof the Board of Directors of PetraPerdana.


Tiong Young Kong, warganegaraMalaysia berusia 60 tahun, dilantiksebagai Pengarah Bebas Bukan EksekutifPetra Perdana Berhad (“Petra Perdana”)pada bulan Disember 2008.

Beliau memiliki Ijazah Sarjana Muda Sains(Kimia) daripada Universiti Malaya danSarjana Pengurusan Perniagaan daripadaAsian Institute of Management.

Beliau menyertai Malayan Banking Bhdpada tahun 1978, dan kemudiannyamenyertai D & C Nomura Merchant BankBhd pada tahun 1980, kedua-duanyasebagai Penolong Pengurus di JabatanPinjaman. Kemudian, dari 1981 hingga1999 beliau memegang jawatansebagai Pengarah Eksekutif PICA (M)Corporation Bhd.

Beliau adalah seorang ahli JawatankuasaAudit Lembaga Pengarah Petra Perdana.

Beliau tidak mempunyai sebaranghubungan kekeluargaan dengan sebarangahli Lembaga Pengarah atau pemegangsaham utama Petra Perdana. Beliau tidakmempunyai sebarang konflik kepentingandengan Petra Perdana atau dikenakantindakan undang-undang atas sebarangkesalahan sepanjang tempoh 10 tahunlepas.

tionG YounG KonGIndependent Non-Executive Director/Pengarah Bebas Bukan Eksekutif

our employees single-handedlymade us a trusted name in theindustry

Warga kerja menjadikankami nama yang bolehdipercayai dalam industri

All employees, from top management to the

newest hire, have a hand in strengthening our

reputation as a trusted player and partner in

the oil and gas industry.

Hands down, they are and will always remain

our most valuable asset.

Seluruh warga kerja kamidari peringkat atasansehingga kepada merekayang baru berkhidmatmemberi sumbanganmasing-masing dalammengukuhkan kedudukankami sebagai syarikatyang boleh dipercayaiindustri minyak dan gas.Merekalah yang menjadiaset kami yang palingberharga.



B U S I N E S S O V E R V I E Wkajian perniagaan

Petra Perdana Berhad (“Petra Perdana” or “Group” or“Company”) is predominantly an offshore marine servicesprovider for the upstream oil and gas (“O&G”) industry in thedomestic and regional markets.

With extensive experience in offshore marine services, theGroup provides support services for drilling, platform &pipeline installation, production, operations, general & majormaintenance activities in the green field and brown field beltsof the industry.

Core Business ACtivities

In offshore marine services, we provide:

� Towing, mooring and anchoring of non-self propelledbarges, rigs, floating, storage & off-loading (FSO) &floating production storage & offloading (FPSO);

� Transportation of drilling, production chemicals,materials, personnel & food supplies;

� On-board accommodation for offshore personnel;

� Engineering & workshop facilities on board vessels forgeneral and major maintenance work, among others.

The Group currently has a fleet of 18 marine vessels with 15new vessels in the pipeline, to be delivered over the next oneto two years.

reLAteD Business ACtivities

The Company, via its 60% equity interest in public-listed PetraEnergy Berhad, is also involved in integrated brown fieldservices.

The scope of services provided include:

• Top-side major maintenance hook-up commissioning &construction;

• Engineering, operations & maintenance;

• Equipment packaging & manufacturing;

• Oil field optimisation

• Design & fabrication of process equipment and boilers

Petra Energy also provides specialist services for thepetrochemical and general industries in the domestic,regional and global markets.



Petra Perdana Berhad (“Petra Perdana” atau “Kumpulan” atau“Syarikat”) secara umumnya merupakan sebuah penyediaperkhidmatan marin luar pesisir untuk sektor huluan dalam industriminyak dan gas di kedua-dua pasaran domestik dan serantau.

Dengan pengalaman meluas dalam perkhidmatan marin luarpesisir, Kumpulan menyediakan khidmat sokongan bagipenggerudian, pemasangan pelantar & saluran paip,pengeluaran, operasi, penyelenggaraan umum & utama dilingkaran “green field” dan “brown field” dalam industri.

AKTIVITI PERNIAGAAN TERAS

Dalam perkhidmatan marin luar pesisir, kami menyediakanperkhidmatan berikut:

� Penundaan, penambatan dan kemudahan sauh bajberkipas tidak berputar sendiri, rigs, apungan, simpanan &muat keluar (FSO) & simpanan pengeluaran apungan &muat keluar (FPSO);

� Pengangkutan gerudi, pengeluaran bahan kimia,kakitangan & bekalan makanan;

� Penginapan atas kapal bagi kakitangan luar pesisir;

� Kemudahan kejuruteraan & bengkel atas kapal bagi kerjapenyelenggaraan umum dan utama, dan lain-lain lagi.

Kini, Kumpulan memiliki 18 buah kapal marin dengan 15 kapalbaru yang bakal diperoleh dan akan dihantar dalam tempohsatu hingga dua tahun.

AKTIVITI PERNIAGAAN BERKAITAN

Melalui kepentingan ekuitinya sebanyak 60% dalam syarikatsenarai awam, Petra Energy Berhad, Syarikat turut terlibat dalampenyediaan perkhidmatan “brown field” bersepadu.

Skop perkhidmatan yang disediakan meliputi:

• Penyelenggaraan penyambungan, pentauliahan &pembinaan utama bahagian atas;

• Kejuruteraan, operasi & penyelenggaraan;

• Penyediaan pakej dan pengilangan peralatan;

• Pengoptimuman medan minyak

• Rekabentuk & memasang siap peralatan proses dandandang

Petra Energy juga menyediakan perkhidmatan pakar untukindustri petrokimia dan am dalam pasaran domestik, serantaudan global.



G R O U P S T R U C T U R Estruktur korporat

PETRA PERDANA BERHAD372113-A

PETRA PERDANA GROUP OF COMPANIES

60%

718388-H

100% Intra Oil Services Berhad

100% Perdana Marine OffshorePte Ltd

100% Ampangship Marine Sdn Bhd

100% Odin Explorer Navigation Ltd

100% Perdana Jupiter Ltd

100% Perdana Mercury Ltd

100% Perdana Venus Ltd

100% Petra Asia Ltd

100% Petra Offshore Ltd

100% Petra Teknik Sdn Bhd

55% Petra Marine Australia Pty Ltd

51% Geoseas Technologies Ltd

100% Asiaway Sdn Bhd

100% Osam Marine Sdn Bhd

100% Kovan MarineSdn Bhd

100% Malawi MarineSdn Bhd

100% Petra Resources Sdn Bhd

100% Petra Fabricators Sdn Bhd

100% Petra BoilersSdn Bhd

100% Petra Innotech Sdn Bhd

100% Petra Services Sdn Bhd

70% Jurutera Perunding AkalSdn Bhd

51% Petra AWT Sdn Bhd(formerly known as Energy LinkSystems Sdn Bhd)



F I N A N C I A L H I G H L I G H T Smaklumat-maklumat penting kewangan

2004 2005 2006 2007 2008

turnover (RM’ million)PERoLEHAN (RM’ juta)

700650600550500450400350300250200150100

500

694.

3

665.

2

543.

4

493.

9

213.

2

2004 2005 2006 2007 2008

net proFit (RM’ million)KEUNTUNGAN BERSIH (RM’ juta)

200

175

160

145

130

115

100

75

60

45

30

15

0

87.7

155.

7

55.9

40.713

.4

2004 2005 2006 2007 2008

sHAreHoLDers’ FunD (RM’ million)DANA PEMEGANG SAHAM (RM’ juta)

700650600550500450400350300250200150100

500

545.

6

440.

6

229.

6

177.

7

140.

1

2004 2005 2006 2007 2008

net Assets per sHAre (RM)ASSET KETARA BERSIH SESAHAM (RM)

2.00

1.75

1.60

1.45

1.30

1.15

1.00

0.75

0.60

0.45

0.30

0.15

0

1.83

1.48

0.77

*

0.60

*

0.47

*

* Comparative figures are restated based on enlarged number of ordinary share of 297.6 million.Angka berbandingan dinyatakan semula berdasarkan pertambahan bilangan saham biasa sebanyak 297.6 juta.

a hands-on approachis the best approach

Pendekatan Yang AktifAdalah Pendekatan Terbaik

Our employees’ hands-on approach to delivering

innovative solutions has proven to be the key to

customers’ continued trust and confidence in us.

But the main reason for our success is that our

dedicated and hard-working employees know

their tasks and are responsible enough to see

them through.

Pendekatan aktif olehwarga kerja kami dalammenyediakanpenyelesaian yanginovatif terbukti menjadipunca kepadakepercayaan dankeyakinan pelanggan yangberterusan terhadapkami. Namun puncasebenar kejayaan kamiialah warga kerja kamiyang berdedikasi dangigih berusaha yangmenyedari tugas merekadan mempunyai rasatanggungjawab untukmenyempurnakannyasebaik mungkin.



C H A I R M A N ’ SS TAT E M E N Tpenyata pengerusi

“During the period under review, the Group,recognising the impact of the globaleconomic crisis on the oil and gas industry,maintained a prudent business approach toensure optimization of its business practicesand assets portfolio.”

“Semasa tempoh tinjauan, Kumpulan sedarakan krisis ekonomi global terhadap industriminyak dan gas, maka kami mengekalkankaedah perniagaan berhemat untukmengoptimumkan amalan dan portfolio aset.”



On behalf of the Board of Directors of PetraPerdana Berhad (“Petra Perdana” or “Group” or“Company”), I am pleased to report that theCompany performed satisfactorily for the financialyear ended 31 December 2008.

Profit after tax (PAT) attributable to shareholderswas RM87.7 million or net earnings per share (EPS)of 29.5 sen for the financial year ended31 December 2008 compared to RM155.7 millionor EPS of 54.0 sen for the previous correspondingperiod.

Based on the results, the Board is pleased torecommend a final dividend of 2 sen per ordinaryshare in respect of the financial year ended31 December 2008.

Bagi pihak Lembaga Pengarah Petra PerdanaBerhad (“Petra Perdana” atau “Kumpulan” atau“Syarikat”), saya dengan sukacitanya melaporkanbahawa Kumpulan menampilkan prestasi yangmemuaskan bagi tahun kewangan berakhir31 Disember 2008.

Keuntungan Selepas Cukai (PAT) milik pemegangsaham berjumlah RM87.7 juta atau pendapatanbersih sesaham (EPS) bersamaan 29.5 sen bagitahun kewangan berakhir 31 Disember 2008,berbanding RM155.7 juta atau EPS sebanyak 54.0sen untuk tempoh yang sama sebelumnya.

Berasaskan pencapaian keputusan ini, LembagaPengarah dengan sukacitanya mencadangkanpembayaran dividen akhir sebanyak 2.0 sensesaham biasa berhubung tahun kewanganberakhir 31 Disember 2008.



FinAnCiAL revieW

For the financial year ended 31 December 2008,the Group recorded a turnover of RM694.3million,and profit before tax (PBT) of RM119.5 millioncompared to a turnover of RM665.2 million andPBT of RM168.7 million respectively for theprevious corresponding period.

The net profit for the financial period ended 31December 2008 was RM87.7 million compared toRM155.7 million in the previous correspondingperiod. The 44% reduction was mainly attributableto a number of factors.

This included:

1. The scheduled and concurrent dry-docking offive (5) of our offshore marine vessels duringthe period under review. This affected ourrevenue, whilst increasing costs.

2. The disposal of four (4) older vessels coupledwith the late deliveries of nine (9) new offshoremarine vessels by foreign-based vesselconstruction companies. This affected ourearnings potential.

3. High mobilization costs incurred by our four(4) new vessels delivered in 2008.

4. Fluctuation and subsequent decline in charterrates (from 10 to 20%) for smaller and mediumsized vessels due to market adversities arisingfrom the global economic crisis.

5. Reduction in the contributions from PetraEnergy Berhad for the financial year ended 31December 2008. Petra Energy Berhadrecorded lower profits due to an increase inoperating costs and lower margincontributions of sales mix in the integratedBrown field activities.

TINJAUAN KEWANGAN

Bagi tahun kewangan berakhir 31 Disember 2008,Kumpulan mencatatkan perolehan sebanyakRM694.3 juta, dan keuntungan sebelum cukai (PBT)sebanyak RM119.5 juta berbanding perolehanmasing-masing berjumlah RM665.2 juta dan PBTRM168.7 juta yang dicapai pada tempoh yang samasebelumnya.

Keuntungan bersih pada tahun kewangan berakhir31 Disember 2008 berjumlah RM87.7 jutaberbanding RM155.7 juta pada tempoh yang samasebelumnya. Penurunan sebanyak 44% inidisebabkan oleh beberapa faktor.

Ia termasuk:

1. Kemasukan ke limbungan kering yang berjadualdan semasa lima (5) daripada kapal marin luarpesisir kami semasa tempoh tinjauan. Ini telahmenjejaskan perolehan kami di sampingmeningkatkan kos.

2. Pelupusan empat (4) buah kapal lama sertakelewatan menerima sembilan (9) buah kapalmarin luar pesisir yang baru oleh syarikatpembinaan kapal luar negara. Ini telahmenjejaskan potensi perolehan Syarikat padatahun tersebut.

3. Kos kerahan yang tinggi yang oleh empat (4)buah kapal baru yang diterima pada tahun 2008.

4. Turun naik dan akhirnya penurunan kadar sewa(dari 10 hingga 20%) bagi kapal bersaiz kecildan sederhana akibat kesan daripada krisisekonomi global.

5. Penurunan dalam sumbangan daripada PetraEnergy Berhad bagi tahun kewangan berakhir31 Disember 2008. Petra Energy merekodkankeuntungan yang lebih rendah akibat kosoperasi yang lebih tinggi dan marginsumbangan yang lebih kecil daripada pelbagaijualan dalam aktiviti ‘brown field’ bersepadu.

Kesusutan keuntungan Kumpulan juga disebabkanoleh termasukkan keuntungan bukan operasi padatempoh berakhir 31 Disember 2007.

1. Keuntungan daripada kecairan kepentinganekuiti dalam Petra Energy Berhad

2. Keuntungan daripada pelupusan saham PetraEnergy Berhad

Dari sudut yang positif pula, saya berbesar hatimemaklumkan bahawa penggadaran PetraPerdana kini dikurangkan kepada 1.2 kali bagitahun kewangan berakhir 31 Disember 2008berbanding 1.4 kali pada tempoh yang samasebelumnya berikutan pembayaran pinjaman bankdan peningkatan dalam dana pemegang saham.



Syarikat juga menunjukkan kunci kira-kira yangbaik dengan aset yang meningkat sebanyakRM545.6 juta pada 31 Disember 2008 berbandingRM440.6 juta pada tarikh yang sama tahun lalu.Pertumbuhan 23.8% dalam aset Kumpulan adalahhasil daripada keuntungan diperolehi pada tahunkewangan 2008.

PERKEMBANGAN KoRPoRAT

Semasa tempoh tinjauan, Kumpulan sedar akankrisis ekonomi global terhadap industri minyakdan gas, maka kami mengekalkan kaedahperniagaan berhemat untuk mengoptimumkanamalan dan portfolio aset.

Kumpulan ada mencatatkan beberapaperkembangan penting semasa tempoh tinjauan.Antaranya termasuk:

• Pengambilalihan baki saham dalam PerdanaMarine Offshore Pte. Ltd, Singapura

• Memeterai perjanjian penyewaan bot dedahdengan pilihan untuk membeli empat kapalAHTS baru

• Menerima kemudahan pembiayaan berjumlahRM100 juta sebagai modal kerja

The Group’s reduction in profits was alsoattributed to the inclusion of the following non-operating profits in the previous correspondingperiod ended 31 December 2007.

1. Gains on dilution of equity interest in PetraEnergy Berhad

2. Gains on disposal of Petra Energy Berhadshares

On the positive side, I am pleased to inform youthat Petra Perdana’s gearing was reduced to 1.2times for the financial year ended 31 December2008 compared to 1.4 times in the previouscorresponding period following the repayment ofbank borrowings and an improvement inshareholders’ funds.

The Company also showed a healthier balancesheet with increased net assets of RM545.6million as at 31 December 2008 compared toRM440.6 million in the previous correspondingdate. The 23.8% growth in the Group’s net assetswas attributed to profits achieved for thefinancial year 2008.

CorporAte DeveLopMent

During the period under review, the Group,recognizing the impact of the global economiccrisis on the oil and gas industry, maintained aprudent business approach to ensure optimizationof its business practices and assets portfolio.

There were a number of significant developmentsthat took place during the period under reviewand initial months of the current year. Theseincluded:

• Acquisition of the remaining shares in PerdanaMarine Offshore Pte. Ltd, Singapore

• Entering into bareboat charter agreementswith an option to purchase four new AHTSvessels

• Acceptance of a RM100 million financingfacility as working capital

• Proposed renewal of general mandate for theCompany to divest up to 19.5 million ordinaryshares of RM0.50 each representing 10% of theenlarged issued and paid up share capital ofPetra Energy Bhd. Subsequent to the disposalof 9 million shares in December 2007, thebalance of 10.5 million shares remainmandated for divestment.



Under its ‘Fleet Expansion and Renewal’programme, the Company was able to optimizereturns through the strategic acquisition anddisposal of several marine vessels in tandem withthe needs of the offshore marine industry in thedomestic and regional markets.

The following marine vessels were acquiredduring the period under review: ‘Petra Adventurer’,‘Petra Traveller’, ‘Petra Horizon’ and ‘Petra Frontier’.Also, the following marine vessels were disposedduring the period under review: ‘IOS Panther’,‘Topaz’, ‘IOS Andari 1’, ’ IOS Andari 2’, ‘IOS Comfort1’ and ‘IOS Comfort 2’.

A more detailed description of the Company’sannouncements is contained in the financialsection on pages 104-105 of the annual report.

• Formation of a Joint-venture company, PetraMarine Australia Pte Ltd , with The UnderwaterCentre Fremantle Pte Ltd and CJES Trust toundertake offshore marine services inAustralia.

• Entering into time charter agreements withPetra Resources Sdn Bhd, a wholly-ownedsubsidiary of Petra Energy Berhad for theprovision of two AHTS vessels

• Acceptance of a RM150million syndicatedtransferable term loan facility to refinance anexisting bridging loan

• Membentuk syarikat usaha sama, Petra MarineAustralia Pte Ltd, bersama The UnderwaterCentre Fremantle Pte Ltd dan CJES Trust untukmenjalankan perkhidmatan marin luar pesisir diAustralia.

• Cadangan memperbaharui mandat am kepadaSyarikat untuk menjual 19.5 juta saham biasabernilai RM0.50 sen sesaham yang mewakili10% daripada modal saham terlibat danberbayar Petra Energy Berhad. Selepaspelupusan saham sebanyak 9 juta padaDisember 2007, baki sebanyak 10.5 juta sahammasih mempunyai mandat untuk dijual.

• Memeterai perjanjian penyewaan masabersama Petra Resources Sdn Bhd, sebuahsubsidiari milik penuh Petra Energy Berhad bagiperuntukan dua buah kapal AHTS

• Menerima kemudahan pinjaman berjangkaboleh pindah bersindiket berjumlah RM150 jutabagi pembiayaan semula pinjamanpenyambung sedia ada

Di bawah program Pengembangan danPembaharuan Angkatan Kemudahannya, Syarikatmampu mengoptimumkan pulangan melaluipembelian dan pelupusan strategik beberapa buahkapal marin sejajar dengan keperluan industrimarin luar pesisir dalam pasaran domestik danserantau.

Kapal-kapal marin berikut diperolehi semasatempoh yang ditinjau, iaitu: ‘Petra Adventurer’, ‘PetraTraveller’, ‘Petra Horizon’ dan ‘Petra Frontier’. Kapal-kapal marin yang berikut pula adalah kapal yangdilupuskan semasa tempoh tinjauan: ‘IOS Panther’,‘Topaz’, ‘IOS Andari 1’, ’ IOS Andari 2’, ‘IOS Comfort 1’dan ‘IOS Comfort 2’.

Keterangan lanjut mengenai pengumuman Syarikatboleh didapati di seksyen kewangan di muka surat159 hingga 160 dalam laporan tahunan.

ARAH ALIRAN & PERKEMBANGANINDUSTRI

Kenaikan harga minyak secara berterusan sehinggamencecah ke tahap tertinggi pada USD147 setongpada Julai 2008 adalah akibat permintaan yangmeningkat daripada ekonomi dunia yang pesatberkembang, termasuklah daripada negara Chinadan India. Bahagian pengeluaran tidak mampumenampung permintaan tersebut danmengakibatkan kenaikan harga.

Selepas itu, harga minyak mula jatuh, secepatkenaikannya, dan menjunam ke paras terendahiaitu USD37 setong pada Disember 2008. Kesankegawatan kewangan dan ekonomi global yang



inDustrY trenDs & DeveLopMent

The steady escalation of oil prices tounprecedented levels, peaking at USD147 perbarrel in July 2008, stemmed from an increaseddemand from emerging economies worldwide,including China and India. Production was notable to cope with market demands and thisresulted in higher oil prices.

Just as fast as oil prices peaked, it began to tumble,plunging to a record low of USD37 per barrel inDecember 2008. The effects of the globaleconomic and financial meltdown, which beganaffecting world economies since Q2, 2008, startedtaking its toll on all sectors of industry. Even the oiland gas industry was not spared.

Various factors or a combination of factors led tothe subsequent decline in oil prices. Theseincluded technology, adverse changes to thesupply & demand chain, speculative trading andglobal politics.

In the short term, oil & gas service companies werefaced with daunting challenges of unprecedentedproportions that could seriously impact theirbusiness. Given the tighter credit financing andaccessibility, higher debts & financing costs,cancellation of orders, reduced charter rates(smaller horse-powered vessels) and decliningshare prices, it had a visible effect on mostcompanies as business operations were beingaffected and margins were getting squeezed.

With regard to business activities, service companiesthat are involved in upstream exploration anddrilling activities (green field) are bracing themselvesfor tougher times following the delay or defermentof projects due to the reallocation of capitalexpenditure (CAPEX) by oil majors worldwide. It islikely that such deferment would continue until theeconomic situation improves.

mula menjejaskan ekonomi dunia sejak suku ke-2,2008, mula menampakkan kesannya terhadapsemua sektor industri. Industri minyak dan gas jugatidak terkecuali.

Pelbagai faktor dan gabungan faktor membawakepada kejatuhan harta minyak. Ia termasuklahteknologi, perubahan negatif kepada rantaianbekalan & permintaan, spekulasi dagangan danpolitik global.

Dalam jangka pendek, syarikat minyak dan gasberhadapan dengan cabaran sengit yang belumpernah dialami sebelum ini yang dapatmemberikan akibat buruk terhadap perniagaanmereka. Dengan pembiayaan kredit yang lebihketat dan kos hutang & pembiayaan yang lebihtinggi, pembatalan tempahan, kadar sewa yanglebih rendah (kapal berkuasa kuda yang lebihrendah) dan kejatuhan harga saham, ia jelasmenunjukkan kesan ke atas semua syarikatkerana operasi perniagaan terjejas dan marginsemakin mengecil.

Bagi aktiviti perniagaan, syarikat-syarikatperkhidmatan yang terlibat dalam eksplorasihuluan dan aktiviti penggerudian (“green field”)bersedia untuk menghadapi waktu-waktu sukarberikutan kelewatan atau penangguhan projekakibat penyusunan semula perbelanjaan modal(CAPEX) oleh syarikat-syarikat minyak utama didunia. Besar kemungkinan penangguhan sepertiini akan berterusan sehingga keadaanbertambah baik.

Pada masa yang sama, pembekal perkhidmatan“brown field” yang terlibat dalam aktivitipengeluaran (bagi kemudahan minyak & gasdaratan dan luar pesisir pantai sedia ada dan uzur



atau kerja-kerja “brown field”) dapat melalui krisisekonomi global hampir tanpa sebarang kesankerana kontrak terus diberikan. Ini adalah keranainfrastruktur sedia ada (kemudahan minyak & gas)hendaklah diselenggarakan bagi memastikanpengeluaran yang optimum. Maka, kontrak bagipenyelenggaraan dan bersepadu akan terusdiberikan walaupun semasa tempoh krisis, sebagaicontohnya, Projek Sarawak-Sabah Shell oleh PetraEnergy’ bernilai RM1.1bilion diperolehi padaSeptember 2008.

Sememangnya sekarang ini merupakan waktusukar. Walau bagaimanapun, saya percaya bagisyarikat yang mempunyai asas yang kukuhtermasuk imbangan kira-kira yang mantap sertasangat berkebolehan mampu berhadapan dengancabaran yang timbul akibat kegawatan ekonomiglobal ini.

Memandangkan Pertubuhan Negara-negaraPengeluar Petroleum atau OPEC sering memainkanperanan penting dalam menentukan pengeluaranminyak mentah global, adalah dijangkakan hargaminyak akan stabil akhirnya. Walaubagaimanapun, perkara ini mungkin akanmengambil masa sehingga dua tahun sehinggaekonomi pulih sepenuhnya.

On the other hand, brown field service providersthat are involved in production activities (ofexisting and ageing onshore and offshore oil & gasfacilities) are likely to get through the globaleconomic crisis relatively unscathed as contractscontinue to be awarded. This is because theexisting infrastructure (oil & gas facilities) must bewell maintained to ensure optimum productionoutput. As such, maintenance and integrated typecontracts would continue to be awarded, evenduring crisis periods. Petra Energy’s RM1.1billionSarawak-Sabah Shell project secured inSeptember 2008 is a case in point.

These are indeed tough times. However, I believecompanies that possess strong fundamentalsincluding a healthy balance sheet and which arehighly competent are well positioned to weatherthe storm that had precipitated by a globaleconomic meltdown.

Given that the Organisation of the PetroleumExporting Companies (OPEC) has always played acrucial role in determining the global crude oilproduction, it is envisaged that oil prices wouldeventually stabilize. However, this could take up totwo years until full economic recovery.



soMe upsiDes to tHe neGAtivitY

Despite the negative outlook, there are glimmersof hope given that there are several upsides toensuring the continued sustainability of the oil &gas business. They include:

• Adequate built-in internal rates of return for oilmajors if oil is priced above a threshold levelof USD40 per barrel.

• Exploration & production (E&P) investments areexpected to continue even if the oil prices dipbelow the USD40 per barrel in the immediateterm (over the next one to two years). This is thelong-term view in E&P assessments, as E&Pspending is benchmarked against the life-cycleof contract agreements (which normally averagesome 20 years).

For example, oil majors like Shell, PETRONASand ExxonMobil are expected to continue theircapital investments over the next couple of years,especially where decisions have been made.

• Oil prices are not expected to remain betweenthe USD35 and USD45 per barrel band forextended periods, especially with periodicreduction in production output by OPEC, whichcontrols about 40% of the world oil market.

• In the long term, charter rates for larger anchorhandling tugs supply vessels are expected to befirmer due to vessel shortage in the industry.

HARAPAN DI SEBALIK UNJURANNEGATIF

Walaupun unjuran dijangka negatif, terdapatbeberapa kemajuan yang akan memastikanperniagaan minyak & gas terus mapan. Antaranyatermasuk:

• Kadar pulangan dalaman yang mencukupi bagisyarikat minyak utama sekiranya harga minyakdalam lingkungan USD40 setong.

• Pelaburan eksplorasi & pengeluaran (E&P)dijangka akan berterusan walau pun hargaminyak jatuh di bawah USD40 setong dalamtempoh masa terdekat (satu hingga dua tahunakan datang). Ini merupakan pandanganjangka panjang dalam penilaian E&P keranaperbelanjaan E&P diukur dengan pusinganhayat perjanjian kontrak (selalunya tempohpurata dalam masa 20 tahun).

Sebagai contohnya, syarikat minyak utamaseperti Shell, PETRONAS dan ExxonMobildijangka akan meneruskan pelaburan modalmereka untuk beberapa tahun yang akandatang terutamanya jika keputusan telah pundibuat.

• Harga minyak dijangka tidak akan kekal padaUSD35 hingga USD45 setong untuk tempohyang lama terutamanya dengan penurunanpengeluaran berjangka oleh OPEC, yangmengawal anggaran 40% pasaran minyakdunia.

• Dalam jangka panjang, kadar penyewaan bagikapal bekalan tunda pengendalian sauhdijangka kukuh berikutan kekurangan kapaldalam industri.



PRoSPEK

Masa depan Syarikat dijangka kekal cerah keranabeberapa faktor yang dapat membantu dalampertumbuhan berterusan Kumpulan:

1. Penghantaran lebih banyak kapal baru dalam2009 akan mempertingkatkan angkatankemudahan sedia ada, maka membolehkankami mengambil peluang terhadap keperluanpasaran luar pesisir yang meningkat dalamnegara dan serantau.

2. Kedudukan tunai Syarikat yang kukuh dapatmembantu keperluan modal kerja, termasuklahpembiayaan kos mobilisasi kapal baru.

3. Singapura kini adalah hab serantau baruKumpulan bagi operasi marin dan logistik.

4. Kontrak baru Sarawak-Sabah Shell yangdiperolehi oleh Petra Energy Berhad padaSeptember 2008, bernilai RM1.1 bilion dijangkaakan member sumbangan positif kepadaprestasi Kumpulan bagi tahun kewangansemasa dan seterusnya.

Sejak beberapa tahun, Syarikat, dengan programPengembangan & Pembaharuan AngkatanKemudahannya, telah membeli aset marin yangbaru dan melupuskan yang lama untuk memenuhipermintaan industri minyak & gas.

Walau bagaimanapun, semasa program sedangdilaksanakan, dari suku tahun ke-2, 2008, syarikatpembinaan kapal asing dan pengeluar peralatankhusus bagi pemasangan dalam kapal terjejasakibat kemerosotan ekonomi, maka menyebabkankelewatan dan menjejaskan jadual penerimaanlima kapal marin luar pesisir yang baru padatahun 2008.

Lima buah kapal ini, termasuk tujuh buah kapalbaru (akan diterima pada 2009) menjadikan jumlahserahan baru sebanyak 12 semuanya dalam 2009.

Dengan jangkaan bahawa kos kerahan kapal baruakan meningkat, Syarikat telah mengambillangkah-langkah untuk memastikan pembiayaanadalah mencukupi dalam memenuhi obligasinyamelalui penyediaan dana dalaman dan cadanganpenggunaan Dana Penggantian AngkatanKemudahan seperti yang diluluskan oleh pemegangbon akhir tahun lalu.

prospeCts

Looking ahead, our prospects remain encouragingdue to a number of factors that bode well for thecontinued growth of the Group:

1. The delivery of more new vessels in 2009 willboost our existing fleet, thus enabling us totake advantage of the growing needs of theoffshore market in the country and region

2. The Company’s strong cash position will helpfacilitate funds needed for working capital,including financing of mobilization costs ofnew vessels

3. Singapore is now the Group’s new regionalhub for marine and logistics operations

4. Petra Energy Berhad’s new RM1.1billionSarawak-Sabah Shell contract, secured inSeptember 2008, is expected to contributepositively to the Group’s bottom-line in thecurrent financial year and thereafter.

Over the years, the Company, under its “FleetExpansion & Renewal” programme has beenacquiring new marine assets and disposing oldervessels to meet the demands of the oil and gasindustry.

However, during the course of the programme,from Q2, 2008, foreign-based vessel constructioncompanies and manufacturers of specialisedequipment for installation on-board vessels wereaffected by the economic downturn, thuscausing the non-delivery of five new offshoremarine vessels in 2008.



Barring unforeseen circumstances, these five newvessels, coupled with seven new vessels (due in2009), would result in 12 new deliveries in 2009.

Given the anticipated higher mobilisation costs forthe new vessels, the Company had taken steps toensure sufficient funding to meet its obligationsthrough the availability of internal funds andproposed utilisation of the Fleet ReplacementFunds, as approved by the Bondholders late lastyear.

Charter rates, although lower (approximately 10-20%) for smaller and medium sized vessels are notexpected to adversely affect the Company’sbottom-line. This is because the increase in ourfleet size would cushion any reduction in charterrevenue. Furthermore, our larger vessels(10,000BHP and more) are expected to commandfavourable rates due to continued demand in theoffshore market.

The Group has also made Singapore its regionalhub for marine and logistics operations toleverage on new business opportunities. Itsattractive tax incentives (for offshore marine),strategic location and networking capabilitiesmake Singapore a critical hub for internationalmarine business and providing support activitiessuch as marketing of our vessels, dockyardservices, vessel construction, acquisitions &disposals and others.

Kadar sewa, walaupun lebih rendah (anggaran 10-20%) bagi kapal bersaiz kecil dan sederhanadijangka tidak akan menjejaskan prestasi Syarikat.Ini adalah kerana peningkatan saiz angkatankemudahan akan menampung sebarangpenurunan dalam perolehan sewa. Lagi pun, kapal-kapal yang lebih besar (10,000BHP dan lebih)dijangka akan memberikan kadar yang lebihmenarik kerana permintaan yang berterusan dalampasaran luar pesisir.

Kumpulan juga telah menjadikan Singapurasebagai hab serantau bagi operasi marin danlogistik untuk mengumpil peluang perniagaan baru.Galakan cukainya yang menarik (untuk marinpesisir pantai), lokasi yang strategik dan keupayaanrangkaian menjadikan Singapura hab yang pentinguntuk perniagaan marin antarabangsa danmenyediakan aktiviti sokongan seperti pemasarankapal, khidmat limbungan, pembinaan kapal,pemerolehan & pelupusan dan lain-lain lagi.

Dengan kelebihan ini, saya yakin kita mampumenempuh apa jua cabaran dalam kemerosotanekonomi yang sedang dihadapi. Walaubagaimanapun, Syarikat juga mengambil langkahyang sewajarnya untuk lebih bersedia dengan



Y. M. tenGKu DAto’ iBrAHiM petrA Bin tenGKu inDrA petrAExecutive Chairman & Chief Executive OfficePengerusi Eksekutif & Ketua Pegawai Eksekutif

6 May/Mei 2009

melaksanakan amalan pengurusan yang lebihberhemat. Saya optimis bahawa Kumpulan akanmuncul dengan lebih mantap dan bertenagaapabila keadaan ekonomi pulih dan meningkatkanlagi potensi pertumbuhan kami dalam jangkasederhana dan panjang.

DIVIDEN

Lembaga Pengarah mencadangkan pembayarandividen akhir sebanyak 2.0 sen, ditolak 25% cukaisesaham bagi tahun kewangan berakhir 31Disember 2008.

PENGHARGAAN

Saya ingin menyampaikan ucapan jutaan terimakasih kepada semua pemegang kepentingan yangmempunyai keyakinan dan telah memberikansokongan kepada kami dalam usaha kami untukberkembang dan kekal dalam aktiviti perniagaanKumpulan. Saya juga ingin merakamkanpenghargaan saya kepada seluruh kakitangan,pelanggan, vendor, prinsipal, penganalisis,pengurus dana, bank, rakan niaga dan rakan-rakan,termasuklah yang berada di luar negara, atassokongan berterusan dan penglibatan merekadalam semua inisiatif kami.

Saya juga ingin mengambil peluang ini untukmengalu-alukan kedatangan ahli LembagaPengarah yang baru, Mr Tiong Young Kong, yangmenyertai Syarikat ini sebagai pengarah bebasbukan eksekutif Syarikat pada Disember 2008. MrTiong juga dilantik sebagai ahli JawatankuasaAudit.

Akhir sekali kepada rakan-rakan saya dalamLembaga Pengarah, terima kasih saya ucapkan atasnasihat bijaksana dan sumbangan mereka yangtidak ternilai. Saya mengharapkan sokonganmereka yang berterusan memandangkan Syarikatakan berhadapan dengan cabaran yang lebih lagidi masa yang akan datang.

Given these positives, I am confident that we arewell equipped to meet whatever challenges thatmay arise during the current economic downturn.However, the Company is also taking appropriatesteps to be better prepared by implementingmore prudent management practices. I remainoptimistic that the Group will emerge muchstronger when the economy improves, withenhanced growth performance in the medium- tolong-term.

DiviDenD

The Board of Directors has recommended a finaldividend of 2.0 sen, less taxation of 25% per sharefor the financial year ended 31 December 2008.

ACKnoWLeDGeMent

I would like to express my gratitude to all ourstakeholders who have believed in us andsupported us in our efforts to grow and sustain thebusiness activities of the Group. I like to place onrecord my appreciation to all our employees,customers, vendors, principals, analysts, fundmanagers, bankers, associates and friends,including those abroad, for their continuedsupport and participation in all our initiatives.

I also take this opportunity to welcome our newBoard member, Mr Tiong Young Kong, who joinedthe Company as an independent & non-executivedirector of the Company in December 2008. MrTiong has also been appointed as a member of theAudit Committee.

Last but not least, I would like to thank my fellowBoard members for their wise counsel andinvaluable contributions. I look forward to theircontinued support as the Company braces forgreater challenges ahead.



R E V I E WO F O P E R AT I O N S Tinjauan Operasi

Petra Perdana’s operations are classified into twocategories. They are:

A. Core Business ActivityOffshore Marine Services

B. Related Business Activities

Integrated Brown Field Services

A. Core Business ACtivitYoffshore Marine services

Petra Perdana’s fleet of offshore marine vesselsprovide services for the green field and brownfield belts of the upstream O&G industry.Currently, the Group has a fleet of 18 marinevessels comprising eleven (11) anchorhandling tug supply vessels, five (5) workbarges, one (1) work boat and one (1) platformsupply vessel.

Operasi Petra Perdana dikelaskan kepada duakategori:

A. Aktiviti Perniagaan TerasPerkhidmatan Marin Luar Pesisir

B. Aktiviti Perniagaan BerkaitanPerkhidmatan “Brown Field” Bersepadu

A. AKTIVITI PERNIAGAAN TERASPerkhidmatan Marin Luar Pesisir

Angkatan kapal marin luar pesisir Petra Perdanamenyediakan pelbagai perkhidmatan untuklingkaran “brown field” dan “green field” industriminyak dan gas industri huluan. Kini, Kumpulanmempunyai angkatan 18 kapal marin yangterdiri daripada sebelas (11) kapal bekalantunda pengendalian sauh, lima (5) baj kerja, satu(1) bot kerja dan satu (1) kapal bekalan pelantar.

Semasa tempoh tinjauan, kapal Kumpulanberoperasi di pasaran domestik dan serantautermasuk Malaysia, Indonesia, Vietnam,Thailand, Myanmar, Australia, Yemen, Sakhalindan Mozambique. Para pelanggan kami antaralain, terdiri daripada Shell, PETRONAS Carigali,Exxonmobil, Petro Vietnam, British Petroleum,Total, Korea National Oil Company, Nippon Oil,Daewoo dan PTT Exploration and Production.

Unit perniagaan ini menyumbang sebanyakRM219.5 juta atau 31.6% daripada perolehanKumpulan pada tahun berakhir 31 Disember2008 berbanding sebanyak RM184.3 juta atau27.7% pada tempoh yang sama sebelumnya.



B. AKTIVITI PERNIAGAAN BERKAITANPerkhidmatan “Brown Field” Bersepadu

Syarikat melalui kepentingan ekuiti sebanyak60% dalam Petra Energy, turut terlibat dalamperkhidmatan “brown field” bersepadu bagiindustri minyak dan gas huluan.

Sumbangan daripada unit perniagaan inidiperoleh daripada pelbagai jenis perkhidmatanyang meliputi penyelenggaraan, penyambungan,pentauliahan & pembinaan utama bahagianatas, kejuruteraan, operasi & penyelenggaraan,penyediaan pakej & pengilangan peralatan,pengoptimuman medan minyak dan rekabentuk& memasang siap peralatan proses dan dandanguntuk industri minyak dan gas, petrokimia danumum huluan.

Unit perniagaan ini menyumbang sebanyakRM474.8 juta atau 68.4% daripada perolehanKumpulan bagi tahun berakhir 31 Disember2008 berbanding sebanyak RM480.9 juta atau72.3% pada tempoh yang sama sebelumnya.

During the period under review, the Group’svessels operated in the domestic and regionalmarkets that included Malaysia, Indonesia,Vietnam, Thailand, Myanmar, Australia,Yemen, Sakhalin and Mozambique. Ourclients include Shell, PETRONAS Carigali,Exxonmobil, Petro Vietnam, British Petroleum,Total, Korea National Oil Company, NipponOil, Daewoo and PTT Exploration andProduction, amongst others.

This business unit contributed RM219.5 millionor 31.6% of the Group’s turnover for the yearended 31 December 2008 compared toRM184.3 million or 27.7% in the previouscorresponding period.

B. reLAteD Business ACtivitiesintegrated Brown Field services

The Company, via its 60% equity interest inPetra Energy, is also involved in integratedbrown field services of the upstream oil andgas industry.

Contributions from this business unit isderived from a range of services that includetop-side major maintenance hook-upcommissioning & construction; engineering,operations & maintenance; equipmentpackaging & manufacturing; oil fieldoptimisation and design & fabrication ofprocess equipment and boilers for theupstream oil and gas, petrochemical andgeneral industries.

This business unit contributed RM474.8 millionor 68.4% of the Group’s turnover for the yearended 31 December 2008 compared toRM480.9 million or 72.3% in the previouscorresponding period.



OUR NEW DELIVERIESjune petra traveller10,800 bhp AHTS vessel

ApriL petra Adventurer10,800 bhp AHTS vessel

Penyerahan kapal baru



in 2008DeCeMBer petra Frontier5,220 bhp AHTS vessel

oCtoBer petra Horizon10,880 bhp AHTS vessel

tahun



A U D I T C O M M I T T E E R E P O R T

MeMBers oF tHe AuDit CoMMittee

The members of the Audit Committee are as follows:

1. Ahmad bin Haji Mohd sharkan Chairman (Independent Non-Executive Director)

2. Wong Fook Heng Member (Independent Non-Executive Director)

3. Y.M. tengku Dato' ibrahim petra Member until 15 December 2008 (Executive Chairman & Chief Executive Officer)bin tengku indra petra

4. tiong Young Kong Member since 15 December 2008 (Independent Non-Executive Director)

terMs oF reFerenCe oF tHe AuDitCoMMittee

The Audit Committee is a committee of the Board of Directors.The Committee does not have executive powers.

1. MeMBersHip oF tHe AuDit CoMMittee

The Audit Committee comprises at least three membersof the Board of Directors of which at least two-thirds ofthe Committee members are Independent Directors. Themembers choose their chair from the Independentcomposition of the Committee.

The Committee members are appointed by the Board ofDirectors, which in its opinion would exerciseindependent judgement based on the structure andcomposition of the Committee.

The Secretary to the Board of Directors shall also besecretary of this Committee.

2. MeetinGs oF tHe AuDit CoMMittee

The Audit Committee meets at least four times a yearduring the finalisation of the financial accounts of theCompany and the Group for the quarterlyannouncements to Bursa Malaysia Securities Berhad. Theprincipal focus of any other meeting(s) will be onmanagement control and internal audit.

At the request of the Chair, the other Executive Directorsand other executives (in particular the Head of InternalAudit) will be in attendance at Committee meetings orfor selected agenda items. The representatives of theexternal auditors may also be invited to attend themeetings.

The Audit Committee has the authority to convenemeetings with the external auditors and/or the internalauditors without the presence of other Directors andemployees of the Company, whenever deemednecessary.

3. reportinG Line oF tHe AuDit CoMMittee

The Audit Committee reports directly to the Board ofDirectors.

4. responsiBiLities oF tHe AuDit CoMMittee

The Audit Committee is responsible for the following:

• To examine the manner in which managementensures and monitors the adequacy of the nature,extent and effectiveness of accounting and internalcontrol systems;

• To examine and review the adequacy andeffectiveness of management and operations;

• To review the statutory accounts and otherpublished financial statements and information;

• To monitor relationships with external auditors, toensure that there are no restrictions on the scope ofthe statutory audit; to make recommendations onthe auditors' appointment, remuneration anddismissal; and to review the activities, findings,conclusions and recommendations of the externalauditors;

• To review arrangements established bymanagement for compliance with regulatory andfinancial reporting requirements;

• To approve the appointment or termination of theHead of Internal Audit who shall report directly tothe Committee and have a right of direct access tothe Chair of the Committee at all times; to reviewthe adequacy of the scope, functions, competencyand resources of the internal audit function andthat it has the necessary authority to carry out itswork; to receive and review reports from the Headof Internal Audit; and on occasion to commissionaudit engagements to be conducted on theCommittee's behalf; and



• To perform any other duties as required by BursaMalaysia Securities Berhad or any other regulatorybodies.

The purview of the Audit Committee extends to all theoperations within the Company and the Group.

AuDit CoMMittee MeetinGs HeLD DurinGtHe FinAnCiAL YeAr 2008

The Audit Committee held five meetings during the financialyear under review with the following attendance record:

names of Directors Attendance*

Ahmad bin Haji Mohd Sharkan 5/5

Wong Fook Heng 5/5

Y.M. Tengku Dato’ Ibrahim Petra 5/5bin Tengku Indra Petra(Resigned as member of Audit Committeeon 15 December 2008)

Tiong Young Kong 0/0(Appointed as member of Audit Committeeon 15 December 2008)

* Number of meetings attended/Number of meetings held duringtenure

suMMArY oF ACtivities oF tHe AuDitCoMMittee

In discharging its functions and duties, the following activitieswere undertaken by the Audit Committee during the financialyear under review:

1. Reviewed the internal audit plan of the internal auditdepartment to ensure adequacy in scope and coverageon the activities of the Group;

2. Reviewed the activities and internal audit reports of theinternal audit department;

3. Reviewed the recurrent related party transactions of theGroup;

4. Reviewed the unaudited quarterly financial reports andthe audited annual financial report;

5. Reviewed the performance of the Company and theGroup, and made recommendations for appropriatecorrective measures to the Board of Directors;

6. Reviewed the status of material litigations of the Group;

7. Reviewed the external auditors’ fees for the Companyand the Group in respect of the audit of financialstatements for the financial year ended 31 December2007, and recommended that of the Company to theBoard for approval;

8. Reviewed the re-appointment of Messrs. Horwath as theexternal auditors of the Company;

9. Reviewed the relevant statements and disclosures for the2007 Annual Report before production;

10. Reviewed the Audit Review Memorandum of theexternal auditors for the financial year ended31 December 2007 and the Audit PlanningMemorandum of the external auditors for the financialyear ended 31 December 2008.

internAL AuDit FunCtion

The Audit Committee obtains reasonable assurance on theeffectiveness of the system of internal controls via the internalaudit function, which shall be responsible for the regularreview and/or appraisal of the effectiveness of the riskmanagement, internal control, and governance processeswithin the Company and the Group.

The internal audit function is performed by the in-houseinternal audit department.

The activities of the internal audit department during thefinancial year 2008 were as follows:

1. Reviewed the accounting and internal control systemsof the Company and the Group.

2. Performed assurance engagements on major operationsof the Group to ascertain adherence to management'spolicies on:

• Financial management• Procurement management• Warehouse and logistics management• Recurrent related party transactions• Human resource management

3. Conducted risk assessment on active operating units ofthe Group as part of the Group’s continuous riskmanagement initiative.

stAteMent on eMpLoYees’ sHAres optionsCHeMe (“esos”)

The ESOS approved by the shareholders of the Company at itsExtraordinary General Meeting held on 31 January 2002 andthe Bye-Laws of which was submitted to the SecuritiesCommission vide a letter dated 12 March 2002, has not beencarried out.

L A P O R A N J A W ATA N K U A S A A U D I T

AHLI-AHLI JAWATANKUASA AUDIT

Ahli-ahli Jawatankuasa Audit adalah seperti berikut:

1. Ahmad bin Haji Mohd Sharkan Pengerusi (Pengarah Bebas Bukan Eksekutif)

2. Wong Fook Heng Ahli (Pengarah Bebas Bukan Eksekutif)

3. Y.M. Tengku Dato’ Ibrahim Petra bin Ahli sehingga 15 Disember 2008 (Pengerusi Eksekutif & Ketua Pegawai Eksekutif)Tengku Indra Petra

4. Tiong Young Kong Ahli mulai 15 Disember 2008 (Pengarah Bebas Bukan Eksekutif)

TERMA RUJUKAN JAWATANKUASA AUDIT

Jawatankuasa Audit adalah sebuah Jawatankuasa LembagaPengarah. Jawatankuasa tersebut tidak mempunyai kuasaeksekutif.

1. Keahlian Jawatankuasa

Jawatankuasa Audit terdiri daripada sekurang-kurangnyatiga orang ahli Lembaga Pengarah yang mana sekurang-kurangnya dua pertiga daripada keahlian Jawatankuasatersebut terdiri daripada para Pengarah Bebas. Ahli-ahlimemilih pengerusi mereka daripada komposisi BebasJawatankuasa.

Ahli Jawatankuasa dilantik oleh Lembaga Pengarah, yangmana pada pendapat mereka akan melaksanakanpertimbangan bebas berdasarkan kepada struktur dankomposisi Jawatankuasa.

Setiausaha Lembaga Pengarah hendaklah turut menjadisetiausaha Jawatankuasa.

2. Mesyuarat Jawatankuasa Audit

Jawatankuasa Audit bermesyuarat sekurang-kurangnyaempat kali setahun semasa semakan akhir akaunkewangan Syarikat dan Kumpulan untuk pengumumansuku tahunan kepada Bursa Malaysia Securities Berhad.Fokus utama mesyuarat lain adalah terhadap kawalanpengurusan dan audit dalaman.

Atas permintaan Pengerusi, para Pengarah Eksekutif daneksekutif lain (khususnya Ketua Audit Dalaman) akanmenghadiri mesyuarat Jawatankuasa atau untuk perkara-perkara tertentu dalam agenda. Wakil-wakil juruaudit luarjuga boleh dijemput untuk menghadiri mesyuarat.

Jawatankuasa Audit mempunyai kuasa untukmengadakan mesyuarat dengan juruaudit luar dan/ataujuruaudit dalaman tanpa kehadiran Pengarah dankakitangan lain Syarikat, jika dianggap perlu.

3. Garis Laporan Jawatankuasa Audit

Jawatankuasa Audit melapor secara langsung kepadaLembaga Pengarah.

4. Tanggungjawab Jawatankuasa Audit

Jawatankuasa Audit bertanggungjawab ke atas perkara-perkara berikut:

• Untuk memeriksa cara pihak pengurusanmemastikan dan memantau kecukupan bentuk,tahap dan keberkesanan sistem perakaunan dankawalan dalaman;

• Untuk memeriksa dan mengkaji kecukupan dankeberkesanan pengurusan dan operasi;

• Untuk mengkaji akaun berkanun dan penyata sertamaklumat kewangan lain yang disiarkan;

• Untuk memantau hubungan dengan juruaudit luar,bagi memastikan supaya tiada halangan ke atasskop audit berkanun; untuk mengesyorkanpelantikan, imbuhan dan penamatan perkhidmatanjuruaudit; dan untuk mengkaji aktiviti, penemuan,kesimpulan dan syor-syor juruaudit luar;

• Untuk mengkaji pengaturan yang diwujudkan olehpengurusan bagi pematuhan terhadap keperluanpenguatkuasaan peraturan dan laporan kewangan;

• Untuk meluluskan pelantikan atau penamatanperkhidmatan Ketua Audit Dalaman yang akanmelapor secara langsung kepada Jawatankuasa danmempunyai hak secara langsung kepada PengerusiJawatankuasa pada bila-bila masa; untuk mengkajikecukupan skop, fungsi, daya saing dan sumberfungsi audit dalaman dan bahawa ia mempunyaikuasa yang diperlukan untuk menjalankan kerjanya;untuk menerima dan mengkaji laporan daripadaKetua Audit Dalaman; dan untuk mentauliahkanpenugasan audit untuk dijalankan bagi pihakJawatankuasa; dan



• Untuk melaksanakan sebarang tugas lain yangdikehendaki oleh Bursa Malaysia Securities Berhadatau sebarang badan penguatkuasa peraturan lain.

Bidang kuasa Jawatankuasa Audit meliputi semua operasidalam Syarikat dan Kumpulan.

MESYUARAT JAWATANKUASA AUDIT YANGDIADAKAN PADA TAHUN KEWANGAN 2008

Jawatankuasa Audit telah mengadakan lima mesyuarat padatahun kewangan yang ditinjau dengan rekod kehadiran sepertiberikut:

Nama Pengarah Kehadiran*


Wong Fook Heng 5/5

Y.M. Tengku Dato’ IbrahimPetra 5/5bin Tengku Indra Petra(Bersara sebagai ahli Jawatankuasa Auditpada 15 Disember 2008)

Tiong Young Kong 0/0(Dilantik sebagai ahli Jawatankuasa Auditpada 15 Disember 2008)

* Bilangan mesyuarat yang dihadiri/Bilangan mesyuarat yangdiadakan sewaktu tempoh memegang jawatan

RINGKASAN AKTIVITI JAWATANKUASA AUDIT

Berikut adalah aktiviti yang telah dijalankan oleh JawatankuasaAudit dalam melaksanakan fungsi dan tugasnya pada tahunyang ditinjau:

1. Mengkaji rancangan audit dalaman yang dirangka olehjabatan audit dalaman bagi memastikan kecukupan skopdan liputan ke atas aktiviti Kumpulan;

2. Mengkaji aktiviti dan laporan audit dari jabatan auditdalaman;

3. Mengkaji urusniaga-urusniaga pihak berkaitan yangberulang dalam Kumpulan;

4. Mengkaji laporan kewangan suku tahunan yang belumdiaudit dan laporan kewangan tahunan beraudit;

5. Mengkaji prestasi Syarikat dan Kumpulan, danmengesyorkan langkah-langkah pembetulan yang wajarkepada Lembaga Pengarah;

6. Mengkaji status litigasi-litigasi penting Kumpulan;

7. Mengkaji yuran audit luaran bagi Syarikat dan Kumpulanberhubung audit penyata kewangan bagi tahunkewangan berakhir 31 Disember 2007, dan mengesyorkanyuran audit luaran bagi Syarikat kepada Lembaga untukdiluluskan;

8. Mengkaji pelantikan semula Tetuan Horwath sebagaijuruaudit luar Syarikat;

9. Mengkaji penyata dan pendedahan yang berkaitan bagiLaporan Tahunan 2007 sebelum ia dikeluarkan;

10. Mengkaji Memorandum Pemeriksaan Audit oleh juruauditluar bagi tahun kewangan berakhir 31 Disember 2007 danMemorandum Perancangan Audit dari juruaudit luar bagitahun kewangan berakhir 31 Disember 2008.

FUNGSI AUDIT DALAMAN

Jawatankuasa Audit mendapat jaminan yang sewajarnyaberhubung keberkesanan sistem kawalan dalaman melaluifungsi audit dalaman yang akan bertanggungjawabmenjalankan kajian secara kerap dan/atau taksirankeberkesanan pengurusan risiko, kawalan dalaman dan prosestadbir urus di dalam Syarikat dan Kumpulan.

Fungsi audit dalaman dilaksanakan oleh Jabatan AuditDalaman.

Aktiviti jabatan audit dalaman pada tahun kewangan 2008adalah seperti berikut:

1. Mengkaji sistem perakaunan dan kawalan dalamanSyarikat dan Kumpulan.

2. Menjalankan penugasan jaminan ke atas operasi utamaKumpulan untuk memastikan pematuhan kepada dasarpengurusan berhubung:

• Pengurusan Kewangan• Pengurusan Pemerolehan• Pengurusan Gudang dan Logistik• Transaksi pihak berkaitan yang berulang• Pengurusan Sumber Manusia

Menjalankan penilaian risiko ke atas unit-unit operasi Kumpulanyang aktif sebagai sebahagian daripada inisiatif berterusanpengurusan risiko Kumpulan.

PENYATA SKIM oPSYEN SAHAM KAKITANGAN(“ESoS”)

ESOS yang diluluskan oleh para pemegang saham Syarikat padaMesyuarat Agung Luar Biasa yang diadakan pada 31 Januari2002 dan Undang-undang Kecil yang telah dikemukakan kepadaSuruhanjaya Sekuriti melalui surat bertarikh 12 Mac 2002, tidakdilaksanakan.



S TAT E M E N T O F I N T E R N A L C O N T R O L

responsiBiLitY

The Board acknowledges its responsibility for maintaining sound internal control and risk management systems that would providereasonable assurance in ensuring the effectiveness and efficiency of operations, reliability of financial reporting and compliancewith applicable laws and regulations, to safeguard shareholders’ interest and the Group’s asset.

The system of internal control is designed to manage the Group’s risk within acceptable risk profile, rather than eliminate the riskof failure to achieve Group’s policies and business objectives, and provides reasonable assurance against material errors,misstatement or irregularities.

FrAMeWorK oF tHe sYsteM on internALControLs

The key elements of the Group's system of internal controlsare as follows:

• Clear organisational structures with defined lines ofresponsibility and delegation of authority.

• Centralised control of key functions such as corporateaffairs, finance, tax, legal, human resources and riskmanagement.

• Participation of management in the identification andevaluation of significant risks relevant to their businessareas, and the design and operation of suitable internalcontrols in managing these risks.

• The Audit Committee, through the Group Internal AuditDepartment of Petra Perdana Berhad, examines theeffectiveness of the Group’s system of internal control.The internal audit function adopts a risk-basedapproach in identifying areas of priority for assuranceengagements.

• The financial performance of the Company for everyquarter is subject to review by the Audit Committee andthe annual financial statements by both the internalauditors and the external auditors. The Audit Committeethen reports and makes recommendations to the Boardof Directors.

The Board and the management are committed tocontinuously enhance the Group's system of internal controlto ensure its relevance, adequacy and integrity.

risK MAnAGeMent

There is ongoing risk management process to identify, assess,control, monitor and report significant risks that may affectthe achievement of the Group’s business objectives.

This process involves conducting risk managementworkshops and subsequent development of RiskManagement Schedule to capture and prioritise key riskprofiles, delegate ownership of risks, attach timelines tomanagement control and action plans, and, providecontinuous monitoring and reporting of risks.

The Board, working together with the management,continues to take measures to further strengthen the Group’srisk management system as one of the means to achieve theGroup’s business objectives.

revieW oF stAteMent BY eXternALAuDitors

The external auditors have reviewed this Statement onInternal Control for inclusion in the Annual Report of theGroup for the financial year ended 31 December 2008. Theexternal auditors reported to the Board that nothing hascome to their attention that causes them to believe that theStatement is inconsistent with their understanding of theprocess adopted by the Board in reviewing the adequacy andintegrity of the system of internal controls.

This statement was approved by the Board of Directors on28 April 2009.



P E N Y ATA K A W A L A N D A L A M A N

TANGGUNGJAWAB

Lembaga Pengarah mengakui tanggungjawabnya dalam mengekalkan sistem kawalan dalaman dan pengurusan risiko yang berwibawayang boleh memberi jaminan munasabah dalam memastikan keberkesanan dan kecekapan operasi, kewibawaan laporan kewangandan pematuhan terhadap undang-undang dan peraturan yang diterima pakai untuk melindungi kepentingan pemegang saham danaset Kumpulan.

Sistem kawalan dalaman dibentuk untuk mengurus risiko Kumpulan dalam lingkungan profil risiko yang boleh diterima dan bukan untukmenghapuskan risiko kegagalan dalam usaha mencapai dasar dan objektif perniagaan Kumpulan, serta menyediakan jaminanmunasabah terhadap kesalahan, salah nyata atau perkara di luar kebiasaan yang ketara.

RANGKA KERJA SISTEM KAWALAN DALAMAN

Elemen-elemen penting sistem kawalan dalaman Kumpulanadalah seperti berikut:

• Struktur organisasi yang jelas dengan garistanggungjawab dan pengagihan kuasa yang ditakrif.

• Kawalan berpusat bagi fungsi-fungsi penting seperti halehwal korporat, kewangan, cukai, undang-undang,sumber manusia dan pengurusan risiko.

• Penglibatan pengurusan dalam proses mengenal pasti danmenilai risiko penting berkaitan bidang perniagaanmereka dan bentuk serta operasi kawalan dalaman yangsesuai untuk menguruskan risiko-risiko tersebut.

• Jawatankuasa Audit, melalui Jabatan Audit DalamanPetra Perdana Berhad, memeriksa keberkesanan sistemkawalan dalaman Kumpulan. Fungsi audit dalamanmenerima pakai pendekatan berasaskan risiko dalammengenal pasti bidang-bidang yang diberi keutamaanuntuk penugasan jaminan.

• Prestasi kewangan Syarikat bagi setiap suku tahunanadalah tertakluk kepada penilaian oleh JawatankuasaAudit dan penyata kewangan tahunan oleh juruauditdalaman dan juruaudit luaran. Jawatankuasa Auditkemudian melapor dan mengesyorkannya kepadaLembaga Pengarah.

Lembaga Pengarah dan pengurusan komited untukmempertingkatkan secara berterusan sistem kawalan dalamanKumpulan untuk memastikan agar ia sentiasa relevan,mencukupi dan berwibawa.

PENGURUSAN RISIKo

Terdapat proses pengurusan risiko berterusan untuk mengenalpasti, menilai, mengawal, memantau dan melaporkan risiko-risiko penting yang mungkin menjejaskan pencapaian objektifperniagaan Kumpulan.

Proses ini melibatkan pelaksanaan bengkel-bengkel pengurusanrisiko dan kemudian pembentukan Jadual Pengurusan Risikountuk meliputi dan menyusun profil-profil risiko penting menurutkeutamaan, mengagihkan tanggungjawab terhadap risiko,menetapkan tempoh masa terhadap rancangan pengurusankawalan dan tindakan, serta menyediakan pemantauan danlaporan risiko secara berterusan.

Lembaga bekerjasama dengan pengurusan untuk terusmengambil langkah-langkah bagi mengukuhkan lagi sistempengurusan risiko Kumpulan sebagai salah satu kaedah untukmencapai objektif perniagaan Kumpulan.

PENILAIAN oLEH JURUAUDIT LUAR

Juruaudit luar telah mengkaji Penyata Kawalan Dalaman iniuntuk disertakan di dalam Laporan Tahunan Kumpulan bagitahun berakhir 31 Disember 2008. Juruaudit luar telahmelaporkan kepada Lembaga bahawa tiada sebarang perkarayang pada pemerhatian mereka boleh menyebabkan merekaberpendapat bahawa Penyata ini tidak konsisten denganpemahaman mereka berhubung proses yang telah diterimapakai oleh Lembaga dalam mengkaji kecukupan dankewibawaan sistem kawalan dalaman.

Penyata ini telah diluluskan oleh Lembaga Pengarah pada 28April 2009.



B O A R D O F D I R E C T O R S ’ S TAT E M E N T S

CorporAte GovernAnCe stAteMent

This statement, which is made pursuant to paragraph 15.26 of the Listing Requirements of Bursa Malaysia, sets out the commitment

of the Board of Directors (“the Board”) of Petra Perdana Berhad (“the Company”) towards good corporate governance principles and

the extent to which it has complied with the best practices of the Malaysian Code on Corporate Governance (“the Code”) throughout

the financial year.



tHe BoArD oF DireCtors

The Group is led and controlled by the Board, which has theoverall responsibility for corporate governance, strategicdirection and overseeing the investments of the Group. Theseinclude adopting strategic plans, approving key businessinitiatives, major investments and funding decisions,reviewing financial performance, developing corporateobjectives and implementing investor relations programme. Italso determines succession plans for senior management andensures adequate internal controls to identify and managerisks.

The Board is well balanced with Executive and IndependentNon-Executive Directors to meet the needs of the Group. Formost of the financial year ended 31 December 2008, therewere four members on the Board, comprising two ExecutiveDirectors and two Independent Non-Executive Directors, withan additional Independent Non-Executive Director on Boardwith effect from 3 December 2008.

The roles of the Executive Chairman and the Chief ExecutiveOfficer (“CEO”) of the Group are combined because theExecutive Chairman/CEO possesses the intimate knowledgeand experience in the core business activities of the Group.These knowledge and experience are considered essential inthe provision of effective leadership for an expanding Group.In spite of this, the functionality of the Board as a whole is notcompromised, as the two Independent Non-ExecutiveDirectors on the Board for most of the financial year ended 31December 2008 are respected professionals in their own rightswho have demonstrated their continued professionalism inthe discharge of their duties.

In accordance with the requirements of the Code, EncikAhmad bin Haji Mohd Sharkan acts as the Senior IndependentNon-Executive Director dealing with concerns regarding theCompany where it could be inappropriate for these to be dealtby the Executive Chairman/CEO or the management.

During the financial year ended 31 December 2008, the Boardmet five times with the following attendance record:

names of Directors Attendance*

Y.M. Tengku Dato’ IbrahimPetra bin Tengku Indra Petra 5/5

Datin Nariza Hajjar Hashim 4/5


Wong Fook Heng 5/5

Tiong Young Kong 0/0

* Number of meetings attended/Number of meetings held duringtenure

The profile of each Director is listed in pages 5 to 9 of thisAnnual Report.

In discharging its duties, the Board has unrestricted access totimely and accurate information, which is not only confinedto quantitative b

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