Business

Tuesday October 13, 2009

Perisai in JV for MOPSU ops


PETALING JAYA: Perisai Petroleum Teknologi Bhd is forming a 49:51 joint venture with Gryphon Energy (Asia Pacific) Sdn Bhd to undertake project management works and market research and development activities related to mobile offshore production and storage unit (MOPSU) in the Asia-Pacific region.

In a filing with Bursa Malaysia yesterday, Perisai said the proposed joint-venture company, with an initial paid-up capital of RM10,000, was expected to contribute positively to the group.

According to Frost & Sullivant, there are more than 500 potential projects for MOPSU in the region.

“For each secured project, the joint-venture company is entitled to a marketing fee of 2% of the total contract value and the mark-up on the project management fee,” it said.

Gryphon is involved in the licensing, research and development, marketing and leasing of bareboat of the MOPSU. It also undertakes project management for MOPSU design, approvals, procurement, fabrication, installation, hook-up, commissioning, operations and maintenance.

Perisai said it would be able to strengthen its position in the business and operations of oil and gas industry in the Asia-Pacific region where the joint-venture company operates.

The collaboration also allows the company to achieve its long-term objective to become a one-stop support centre for the development of marginal fields and deepwater activities.

“It’s an avenue to provide offshore installation and support vessels, buoys, mooring systems, drilling rigs, pipelines, hoses, topside-related equipment and all other hardware and equipment required to carry out the MOPSU projects,” it said.

“This is consistent with Perisai’s intention to seek strategic alliances and joint ventures to expand its market share and venture into new overseas market,” it added.

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