Business

Tuesday June 30, 2009

Perisai shareholders okay proposed bonds


KUALA LUMPUR: Shareholders of Perisai PetroleumTeknologi Bhd have approved the company’s proposed issuance of US$10mil (RM35.4mil) nominal value of zero coupon two-year redeemable convertible bonds to be used for strategic investment in the oil and gas business.

Managing director Nagendran Nadarajah said the group would continue to focus on its core business of being a corrosion control technology provider apart from being involved in deepwater exploration and production.

“We are also streamlining our business, focusing only on strategic investments that fit our expertise apart from consolidating our business by selling non-core assets,” he said yesterday after the company AGM and EGM.

Nagendran also said its pipe-laying vessel, Derrick Large Barge, was contributing positively as it was expected to be fully chartered until the end of October for the first year out of its 4˝-year contract at US$95,000 (RM336,000) per day.

He, however, declined to elaborate on the company’s ongoing business.

The company completed the acquisition of SJR Marine (L) Ltd in September last year as an integral part of the plan to make Perisai a one-stop centre for marginal field and deepwater exploration activities.

Nagendran said Perisai also had the first option to invest in a new technology that could revolutionise oil extraction.

The Mobile Offshore Production & Storage Unit (MOPSU) was a totally new cost-effective way to develop small and marginal fields in shallow water, he said, adding that unlike other systems that used drilling rigs, wellhead platforms and pipelines, MOPSU used modular drilling units, integrated storage and detachable drilling template.

“The entire system, except for the detachable drilling template, is fully recoverable and reusable.”

He said the company’s listing transfer from Mesdaq to the main board earlier this month was a major boost as it allowed bigger investors to consider adding the company’s stock to their portfolio.

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