Friday, March 25, 2011

Perisai ... Mar11

In Feb 2011 Perisai was granted a licence by Petroliam Nasional Bhd (Petronas) for vessel chartering which would allow it to bid for Petronas jobs directly.

The licence would have been meaningless to Perisai if it had been granted earlier as, at the time, Perisai did not have a sizable fleet of support vessels. However, it is a different story now for Perisai, after Ezra Holdings Ltd, a Singapore-listed integrated offshore support and marine services company, took a substantial equity stake in the

In January 2011, Ezra Holdings proposed to acquire 51% equity interest in Intan Offshore Sdn Bhd, which owns a fleet of eight vessels. Under the proposed exercise, Perisai will acquire the controlling stake in Intan Offshore by the issuance of RM45.2 million in new shares. With the acquisition, Perisai will instantly have a fleet of vessels.

The proposed acquisition of the controlling stake in Intan Offshore is expected to enhance its future revenue and earnings base, as all eight vessels owned by Intan Offshore are fully chartered. The acquisition is targeted for completion by 2Q2011.

For FY10 ended Aug 31, Intan Offshore posted a net profit of RM12.4 million on revenue of RM41.7 million.

With a larger fleet of vessels, the company can now take advantage of deep-water projects in the oil and gas industry. Over the next five years, eight more deep-water fields will come onstream in Malaysia. This is expected to open up opportunities for operators with deep-water expertise.

An asset injection by Ezra will give Perisai a fleet of eight vessels and a new revenue stream come 2Q2011. Given Ezra’s large fleet, there could be more injections [into Perisai], especially in relation to deep-water assets.

The group is currently in the midst of consolidating its business and divesting non-core businesses in order to focus on vessel chartering.

After the proposed acquisition of the stake in Intan Offshore, Perisai’s gearing is expected to increase to 1.15 times from 1.04 times as at Dec 31, 2009.

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