KUALA LUMPUR: Perisai Petroleum Teknologi Bhd is confident of securing more contracts for its marginal field and deepwater development solutions by leveraging on the expertise of companies and vessels that it is acquiring.
Managing director Nagendran Nadarajah said the company expected higher revenue contribution from Malaysia once the acquisition of SJR Marine (L) Ltd, which is involved in leasing of vessels, was completed.
In February, Perisai proposed the acquisition of SJR Marine from Singapore's Mercury Pacific Marine Pte Ltd for about RM136.1mil in return for shares and cash of US$2mil.
“The acquisition would boost revenue as it had already secured a contract to lease a barge to a local oil and gas company until end-2012,” he said after the company AGM yesterday.
The group, via the acquisition of SJR Marine, would expect the delivery of a direct lay barge, the Enterprise 3, in July or August.
As part of its plans to become a one-stop solutions centre to provide services for marginal fields and deepwater, Perisai had also purchased a portable saturation diving system early this year.
“We hope to complete the sale of wholly-owned subsidiary Corro-Shield (M) Sdn Bhd by the third quarter to get away from the corrosion solutions business,” Nagarajah said, adding that Perisai expected equal revenue contribution from its overseas and local markets in the financial year ending Dec 31.
Chairman Datuk Mohamed Ariffin Aton said the company would not be giving out any dividends this year as it would require the funds to expand its marginal and deepwater business.
“We hope to declare quite a substantial dividend in the next two to three years,” he said.
Source : The Star
