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Wednesday, 07 January, 2009, 18:20 GMT | more >>

Petra Perdana eyes investments

By Upstream staff

Malaysian energy services outfit Petra Perdana is planning a spending spree to drive growth as rising crude prices make refurbishing aging oilfields profitable.

“Oil and gas activities around the region, and around the world, are just phenomenal at the moment,” chief executive Tengku Ibrahim Putra said.

“There are a lot of new projects being started and new projects being planned. Taking all this into account, we are very, very optimistic about the industry.”

The company’s offshoot, Petra Energy, which does refurbishing and maintenance work on aging oilfields, wants to make purchases in areas that complement its operations, Tengku Ibrahim said.

“Now we’re in a position where we want to accelerate our growth, so why not look at acquiring companies — that’s meaningful and can be of added value to us generally,” Tengku Ibrahim said. He declined to name any likely targets.

“Petra Energy is a brownfield company, doing more mechanical and electrical works and so on,” Reuters reported Tengku Ibrahim saying.

“So if we are looking at a company it will be something that is of value in how it can be a part of the bigger picture.”

Petra Energy’s orderbook of about RM850 million(US$265.3 million) could last up to five years, he said, adding that more jobs could be created from upgrading work required by at least 600 elderly oil platforms across Southeast Asia.

Petra Perdana owns 60% of Petra Energy, which has a market value of RM430 million(US$134 million). Its shares have fallen 55% cent since it listed last July.

Petra Perdana, which focuses on marine services and charters, has ordered 19 vessels for delivery by 2010 as part of a fleet renewal and expansion programme that aims to roughly double its numbers and cut the average age to eight years from 20.

“With having a younger fleet you will command a better charter rate,” Tengku Ibrahim said, adding that a worldwide shortage of vessels had driven up charter rates over the last two years as the rising crude price fuelled demand.

The vessels on order range from anchor handling tugs to work barges and work boats, he said. He gave no total figure for the investment, although the cost of each ship can typically range from RM50 million to RM80 million.

Petra Perdana was buying the ships through an off-balance sheet leaseback deal with a group of banks that required only a down payment, Tengku Ibrahim said.

Shares of Petra Perdana have risen nearly 15% over the last year, giving it a market value of RM1.02 billion (US$318 million).

Analysts have a consensus net profit forecast of RM106 million on Petra Perdana for the year ending this December, on a turnover of RM820 million, Reuters Estimates shows.

Brownfield services contributed 58% of the group’s turnover in 2006, while offshore marine services contributed 25%, Petra Perdana’s annual report showed.