Perisai ... Apr 09

It hopes to either build or acquire more strategic marine assets to assist in the offshore installation of small fields and deepwater developments.

The company planned to co-own the assets via partnerships and joint ventures, as financing was somewhat limited in the current economic slowdown.

They are also aggressively sourcing for additional contracts. Nevertheless, Nagendran admitted that the Mesdaq-listed oil and gas (O&G) technology solutions provider’s asset acquisition plan may hit a snag as its finances were constrained by the need to service its US$72mil term loan for the purchase of the derrick lay barge in four years.

Perisai currently has an order book of about RM456mil from charter contracts of its derrick lay barge, Enterprise 3, and portable saturation diving system (used to perform underwater inspection services during pipeline construction) as well as from the O&G corrosion business.

For the fourth quarter ended Dec 31, the group recorded a net profit of RM7.4mil versus a net loss of RM749,000 in the previous corresponding period, while revenue more than tripled to RM29.4mil mainly due to the maiden contribution from Enterprise 3.