Perisai Petroleum to expand vessel charting business

Perisai Petroleum TeknologiBhd, an oil and gas services provider, wants to expand its vessel chartering business to grow earnings.Its shareholders yesterday approved a deal to

buy 51 per cent of Intan Offshore SdnBhd, the owner and operator of offshore vessels for RM45.2 million.
"Once the acquisition of Intan Offshore completed, we should have eight more vessels into our fleet. So we have a big fleet of vessels available for charter," he told reporters after Perisai's annual general meeting, here yesterday.
Perisai has one key vessel now, which has secured a long-term contract that will expire early 2013.
Perisai is buying Intan from Emas Offshore (M) SdnBhd, a unit of Singapore-based Ezra Group, which in turn is Perisai's second largest shareholder. The all-share deal will also turn Ezra into its largest shareholder with 27.3 per cent.
It is also in talks to buy Garuda Energy (L) Inc, owner of a jack-up rig that's being turned into a mobile offshore production unit (Mopu), for US$70 million.
That deal, due for completion in the third quarter this year, is subject to due diligence and signing of a conditional share sale agreement.
Perisai chairman DatukDr Mohamed Ariffin Aton said the Mopu, which is a mobile facility to process oil or gas at offshore locations, will not only represent a new strategic asset for Perisai but will also enhance the company's position to offer competitive solutions for marginal fields development to oil majors.
"The acquisition of Garuda would not only provide us with the Mopu but it will also allow us to look at marginal fields," he said.
For instance, he said Perisai, through Garuda will enter into a bareboat charter agreement with Gryphone Energy (M) SdnBhd for the supply of the Mopu to a major oil company to lease, operate and maintain the Mopu for two years, with an option of 4 years.
Source: Business Times