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MESDAQ-listed Perisai
Petroleum Teknologi Bhd is piecing together the
jigsaw for its future direction with a spate of
acquisitions and divestments, which saw it
hogging the limelight recently.
Perisai’s most recent corporate activities,
which started in the beginning of the year, saw
it acquire SJR Marine (L) Ltd for US$42mil, an
anchor handling tug (AHT) for US$11.5mil, a
portable saturation diving system (SAT system)
for US$4.25mil and the disposal of two
subsidiaries Corro-Shield (M) Sdn Bhd and
Orinippon Trading Sdn Bhd for RM40mil.
The strategic acquisitions and alliances are not
expected to stop as Perisai, which started as a
corrosion control company, repositions itself
into a one-stop support centre for marginal
fields and deepwater development.
Managing director Nagendran Nadarajah wants to
get Perisai settled in with “its ships
delivered, things in working order as well as
contracts and money flowing in” before he looks
for more strategic assets and alliances to add
to the group’s growing portfolio.
At the moment, Nagendran sees drilling
capabilities as the missing link for Perisai.
“If we manage to acquire drilling capabilities,
then Perisai will be nearly 90% ready to become
a one stop support centre for shallow water
marginal fields,” he said.
However, Perisai’s plan to add drilling to its
list of services would be very much dependent on
its ability to secure contracts for the
self-installing, relocatable, production and
storage (SIRPS) platforms.
This facility, which is ideal for shallow water
marginal fields, is so versatile that a portable
drilling unit can be installed on the platform
for exploratory drilling.
It can also be replaced with a scaled-down
version of Perisai’s AlphaPrime modular system
at production stage to perform the three levels
of crude oil separation.
The SIRPS platform is currently at the front-end
engineering and design stage to be completed in
about three months. This will be followed by
approval for construction.
“We will have to wait for contracts first before
we go into construction phase.
“We plan to aggressively market it after the
front-end engineering and design stage is
completed and hope to secure some contracts,”
Nagendran said, adding that it would take about
two years and US$50mil to US$60mil to construct
a SIRPS platform.
According to Nagendran, with over 100 shallow
water marginal fields to be developed in the
country, “we would be very happy to get five or
10 of these.”
“That is why we have re-positioned ourselves in
this area as we see a lot of opportunities. We
take a five-year view of what is going to happen
in the oil and gas industry,” he said, adding
that Perisai also planned to collaborate with
reservoir and well experts.
Chairman Datuk Mohamed Ariffin Aton said the
long-term contracts on some of the assets which
Perisai has secured and hoped to secure would
provide the group with robust, predictable and
visible earnings.
“This will allow us to focus on developing
solutions for marginal field and deepwater
developments,” he added.
The group, via the acquisition of SJR Marine, is
expecting the delivery of a derrick lay barge,
the Enterprise 3, in July or August.
SJR Marine has already secured a contract for
Enterprise 3 with a major local oil and gas
company, whereby the barge would be chartered on
a bare boat basis for 1,085 days up to the end
of 2012.
Based on the committed bare boat charter rate of
US$95,000 per day subject to a 5% annual
escalation, the vessel is projected to earn a
minimum of US$115mil (RM373mil) during the
tenure of the contract.
Assuming that the vessel is fully booked, total
revenue from the vessel could rise to as much as
RM550mil during the contract period.
Perisai is also waiting for the delivery of its
AHT in October and hopes to secure a two-year
contract in the next few months. Rates for an
AHT is said to average US$11,000 per day with
crew. In addition, the group has recently
clinched a two-year contract worth US$2mil for
its SAT system.
On the international front, Perisai's overseas
revenue looks set to receive a boost from the
Middle East where it seems to have gained a
foothold in the sand washing industry.
Executive director Juhari Husin said the group
hoped to clinch a US$40mil award to build a sand
washing plant in Qatar sometime in the third
quarter of the year via wholly-owned subsidiary
Romilly (M) Sdn Bhd.
“We are in the midst of finalising the deal,” he
said.
Juhari, who is also managing director of Romilly,
is also eyeing another project in Dubai valued
at 8 to 9 million euros which is expected to be
awarded next year. |
