Thursday, December 22, 2011

Perisai Petroleum: Contribution from MOPU to be realised starting FY12

Larger Smaller Reset KUALA LUMPUR (Dec 22): PERISAI PETROLEUM TEKNOLOGI [] Bhd (Perisai) expects contribution from its mobile offshore production unit (MOPU), which it acquired through Garuda Energy (L) Ltd to be realised by FY12.

The company's managing director Zainol Izzet Ishak said on Thursday that the acquisition would be finalised by the end of this year and will start contributing to the group's bottom line from the first day of its operation as the group's asset.

"In the circular to shareholders we stated that there is a profit after tax guarantee of approximately US$16.67 million, so we expect to see the full impact from this acquisition by FY2012," Zainol said after its extraordinary general meeting (EGM) today.

Perisai bought the asset via the acquisition of Garuda Energy at USD70 million of which US$50 million is payable by cash while the remaining US$20 million would be satisfied by the issuance of 97 million shares of Perisai at a valuation of 65 sen each.

The MOPU os currently contracted by Garuda to work off the coast of Terengganu. The contracted work is for a fixed duration of two years at a charter rate of US$70,800 per day.

Over the duration of the fixed two years of the deployment, the MOPU is expected to contribute approximately USD50 million to Perisai's turnover.

In addition, the group stated that there is an option to extend the deployment of the MOPU for two further extensions of one year each.

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