Vessel boost for Perisai
PETALING JAYA: Perisai Petroleum Teknologi Bhd expects its plan to acquire a pipe-laying vessel to be a major boost to future revenue and profits, according to company officials.
Based on its internal projection, the acquisition would add as much as 26 sen per share to the group’s bottomline for the year ending Dec 31, 2009 (FY09), after taking into account the vessel’s first full year contribution.
This is calculated based on the existing charter contract secured for the vessel. It also takes into account the group’s enlarged share capital of 294.4 million shares, which includes the 86.4 million new Perisai shares that would be issued as part payment for the proposed acquisition.
A local brokerage estimated Mesdaq-listed Perisai’s net profit for FY07 at RM12.9mil, or 4.4 sen per share. “We expect a drastic improvement in FY08 and FY09 earnings” arising from the acquisition, the brokerage said in an update dated Jan 29.
On Monday, Perisai announced it would acquire Labuan-based SJR Marine (L) Ltd from Mercury Pacific Marine Pte Ltd for US$42mil (RM136.1mil). Post acquisition, Mercury Pacific will own 29.35% of Perisai.
A Perisai filing with Bursa Malaysia yesterday showed that Singapore-registered shipper Mercury Marine is controlled by Datuk Shahrir Abdul Jalil and Datuk Ahmad Redza Abdullah.
SJR Marine owns a 120m long derrick lay barge with an 800-tonne heavy lift crane. The vessel, known as Enterprise 3, is expected to enter service in Malaysian waters in the middle of this year.
Nagendran Nadarajah
Perisai managing director Nagendran Nadarajah told a briefing yesterday the ship would be utilised immediately after it entered service up to the end of next year.
Under the contract between the vessel owner and a major local oil and gas company, Enterprise 3 would be chartered on a bare boat basis for 1,085 days up to the end of 2012.
Nagendran said based on the committed bare boat charter rate of US$95,000 per day subject to a 5% annual escalation, the vessel was projected to earn a minimum of US$115mil (RM373mil) during the tenure of the contract.
“There is also potential to achieve higher revenue by chartering Enterprise 3 to third parties during the uncommitted period,” he added.
Assuming that the vessel is fully booked, total revenue from the vessel could rise to as much as RM550mil during the contract period.
“Enterprise 3 is only contracted for an average 240 days a year, and we believe that in the current market, potential utilisation will exceed this number of days,” chairman Datuk Mohamed Ariffin Aton told the briefing.
Based on the bare boat charter contract, all maintenance and crew costs will be borne by the oil and gas company. Perisai’s expenses are limited to depreciation in the value of the vessel, and interest and insurance charges.
Shares in Perisai rose 3 sen to RM1.58 on heavy volume of 117.7 million shares yesterday.
The oil and gas contractor has over the years evolved from a provider of corrosion prevention services to supplier of vessels and solutions for marginal field development and deepwater activities.
Full Article in The Star , New Straits Times , Berita Harian (in Malay)
