Perisai Expects Drilling Business to Provide 40% of Revenue in 2014

Malaysia's Perisai Petroleum Teknologi Bhd expects its offshore drilling business to grow significantly over the next three years, with the division projected to provide 40 percent of the firm's revenue this year as its first jackup Perisai Pacific 101 (400' ILC) becomes operational, a senior company official said, as quoted in Friday's edition of local daily The Star.

Perisai Pacific 101 is going to begin operations in offshore Terengganu next month for Petronas Carigali Sdn Bhd, and we hope to make a turnaround in the second half of this year,” Perisai's Managing Director Izzet Ishak commented after the launching ceremony of Perisai Pacific 101 at PPL Shipyard Pte Ltd in Singapore.

Perisai bagged a $158 million (MYR 503 million) contract in May from Malaysia's national oil and gas company's upstream subsidiary Petronas Carigali to provide Perisai Pacific 101 for a duration of three years. The firm currently has two other jackups -- Perisai Pacific 102 (400' ILC) and Perisai Pacific 103 (400' ILC) -- under construction, which are expected to be delivered in mid-2015 and mid-2016, respectively.

The company, which is trying to secure a contract for Perisai Pacific 102 by the first quarter of 2015, plans to raise the offshore drilling segment's share of the firm's total revenue to 60 percent by 2016 amid robust demand for jackups in Malaysia and Southeast Asia.

While there are 15 jackups currently operating in Malaysian waters, only two are locally owned, The Star reported, adding that analysts believed Perisai is well-positioned to benefit from contract opportunities as more than 10 foreign jackup contracts are due to expire in the next one to two years.

UMW Oil and Gas Corp Bhd is the biggest jackup provider in Malaysia, with the firm expected to operate about eight jackups by 2016.

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