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May 25, 2017

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Perdana allocates US$100 mil. for expenditures

PETALING JAYA--Perdana Petroleum Bhd., which is tendering for some 400 million ringgit worth of jobs, has allocated US$100 million (about 330 million ringgit) for capital expenditure (capex) this year.

"We have ongoing tenders for charters worth about 400 million ringgit for our vessels which are not already on long-term charters," executive director Datuk Henry Kho Poh Eng told StarBiz.

He said the offshore supply vessel (OSV) owner and operator had a strong order book of about 1.4 billion ringgit that could provide earnings visibility for the next four years.

At present, 12 of Perdana Petroleum's vessels are on long-term charters, providing the group with long-term earnings.

Kho said there were currently 17 vessels in its fleet. "We are expecting an addition of one more vessel to our fleet in the fourth quarter of this year, which is also earmarked for long-term charter."

He said the outlook was positive for the oil and gas (O&G) sector and the local OSV market this year. He said utilization rates and charter rates were both on an uptrend compared to the last two years.

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