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NEWS UPDATES 25 June 2010

Perisai Petroleum Records Higher Returns

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Perisai Petroleum Teknologi Bhd has recorded a higher turnover of RM101.8 million for the financial year ending 2009, an increase of 39.06 percent from the RM72.76 million previously, according to Bernama Nws.

This was despite two of the company's vessels being laid up for almost a year.

Its Chairman Datuk Mohamed Ariffin Aton said the group's improved bottom line is attributed mainly to earnings generated through the charter of Enterprise 3, a derrick lay barge, on long-term charter to the SapuraCrest Petroleum Bhd Group of Companies.

"We also derived revenue from a two-year contract for a portable saturation diving system, used to perform underwater inspection services during pipeline construction," he added.

Going forward, he said the company would essentially leverage on the strategy partnership established with Ezra Holdings Ltd, a leading offshore support and marine services provider.

"Perisai will benefit from Ezra's expertise and experience. The latter in turn will be able to leverage on Perisai's local knowledge and exposure to tap into oil and gas prospects in Malaysia," he told a press conference after the group's 7th Annual General Meeting (AGM) on Friday.

Mohamed Ariffin also expressed confidence that a "new Perisai" is emerging, driven by fresh investment opportunities, in the marketplace here in Malaysia and around the region.

However, Mohamed Ariffin also indicated that in the face of slumping oil prices, many industry players had adopted a "wait-and-see" stance and this has impacted negatively the level of upstream oil and gas activities.


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