Monday, March 12, 2012

Perisai ... Mar12

Perisai Petroleum Teknologi Bhd (Perisai) is expected to see an explosive growth in its
financial year of 2012 (FY12) with 100 per cent fleet utilisation and potential earnings enhancement from asset acquisition.

The completion of Perisai's mobile offshore production unit (MOPU)'s acquisition in January 2012 will more than double its earning to RM85 million in the year.

There could be earnings accretion from the transfer of ownership of Intan's Offshore Sdn Bhd's vessel to a Labuan-registered company which expected to be completed by third quarter 2012.

Perisai is looking at marine assets worth at least US$100 million, as early as the second half of 2012, to mark its entry into the less-competitive market.

Perisai’s ownership of a Petronas license will enable it to bid for Petronas contracts, of which the award timing is likely to be accelerated to meet the national oil company to arrest declining oil production.

Perisai is in the process of transferring ownership of eight vessels owned by Intan Offshore to a Labuan registered company to capitalize on a tax advantage. The exercise is expected to be completed by 3QFY2012 and could raise FY2012 to FY2014 earnings.

Intan Offshore vessels are currently fully chartered out with five expiring by 2HFY2012. But management clarified that the current bare boat charter agreements with Ezra Holdings Ltd for these five vessels may be renewed.

Perisai is looking at asset acquisition as its next major move to enhance its earnings base. While asset injection by Ezra is a possibility, the management does not rule out external purchases. It is looking at a marine asset that is worth at least US$100 million but it might require an equity cash call to fund the acquisition. Assuming 30:70 debt equity financing for the acquisition, Perisai’s net gearing could drop to 75%, though there will be earnings per share dilution impact.

Over the longer term, marginal fields could provide opportunities for Perisai. Its vessels are currently locked under various contracts, but Perisai is able to leverage Ezra’s wide range of vessels in offshore support and subsea services. This could be a major transformation for Perisai as it moves up the value chain into exploration and production.

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