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Perisai Petroleum Expects More from its Production, Drilling Businesses

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Malaysia's upstream oil and gas service provider Perisai Petroleum Teknologi Bhd expected its production and drilling business to contribute 30 percent to the group's revenue and profits for the next three years beginning 2014, said Managing Director Izzet Ishak as quoted by the country's national news agency Bernama.

Perisai's shareholders approved a plan during the company's annual general meeting and extraordinary general meeting to acquire a 51 percent stake in the Perisai Kamelia, a Floating Production Stoage and Offloading vessel (FPSO), which is valued at $450 million.

"The acquisition is for the production segment, we are buying the vessel as we have secured a contract from Hess Exploration and Production Malaysia for the Kamelia field and for the north Malay basin," said Izzet, adding that "it (FPSO) is expected to start work by end of July."

The FPSO is Perisai Petroleum's second asset after its first, the Mobile Offshore Production Unit (MOPU), which contributed significantly to the company's financial performance last year.

Perisai will also fabricate two jackup drilling rigs and expects the first one - the Perisai Pacific 101 (400' ILC) which is currently under construction at PPL Shipyard in Singapore - to be delivered by June next year.

"The second drilling rig will be sent around the same time in 2015."

Perisai plans to spend roughly over $600 million in capital expenditure for the next three years, with funding via bank borrowing and/or bond issuance as well as internal funds.

"After the three years, we would see 45 percent contribution from the drilling segment, between 10 and 15 percent contribution from the offshore support vessels and the remainder from the production segment," Izzet said.

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