Mon15 June to Fri20 June2009_ BizNews

Mon15 June to Fri20 June2009_ BizNews - Monday Petra...

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Monday June 15, 2009 Petra Perdana in shipshape By ELAINE ANG KUALA LUMPUR: Petra Perdana Bhd will take delivery of some 14 new vessels in the next two years to expand its existing fleet and boost its ability to secure more oil and gas Of the new vessels, 11 are slated to be delivered this year and the balance next year. Executive chairman and chief executive officer Tengku Datuk Ibrahim Petra Tengku Indra Petra said the vessels to be delivered this year would consist of four anchor handling tug and supply (AHTS) vessels, three work barges and four work boats while the three vessels to be delivered next year would comprise two AHTS and one work barge. Tengku Datuk Ibrahim Petra Tengku Indra Petra . .. Our focus will be on the South-East Asian market which is still growing “The vessels are all new-builts so our fleet will be younger, work better and require less maintenance. Moreover, the vessels will be of a higher horsepower (HP) and have bigger capacity.
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“We expect to take delivery of one AHTS and two work boats this month and a work barge next month,” he told StarBiz in an interview. The group has opted to finance most of the new vessel purchases off balance sheet via a lease with an option to buy arrangement with a consortium of offshore European banks, thus leaving its gearing unchanged at about 0.88 times. Tengku Ibrahim said although charter rates had generally come down over 10% since the end of last year, the rates for bigger vessels, such as those with 10,000HP and above had yet to drop. However, he noted that charter rates for smaller vessels such as 5,000HP class vessels had dropped to US$9,000 to US$10,000 per day from US$12,000 to US$13,000 previously. On contracts for the new vessels, Tengku Ibrahim expressed confidence that contracts would be forthcoming as and when the vessels were delivered because there was still a demand, especially for bigger vessels, as O&G exploration activities headed for deeper waters. “Our focus will be on the South-East Asian market, which is still growing. It will be easier to manage and monitor the vessels as well as do repair works due to proximity,” he said. Petra Perdana’s recently delivered vessel, the Petra Voyager , has already been chartered out in Labuan. The group, which has 19 vessels in its fleet currently, plans to sell off two or three vessels this year. “By the end of next year, we should have an optimum number of vessels. It should not be a problem finding a buyer but financing may be a problem in the current economic environment,” Tengku Ibrahim said.
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Petra Perdana reported a 16% increase in net profit to RM18.6mil for the first quarter ended March 31 versus the previous corresponding quarter while revenue grew 9.8% to RM163.2mil during the period. Tengku Ibrahim expects the group’s financial performance to improve especially in the
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Mon15 June to Fri20 June2009_ BizNews - Monday Petra...

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