Meanwhile it is also expecting better OSV utilisation rates this year, executive director Bailey Kho was cited as saying in local media.
Perdana Petroleum shares have been suspended since 30 September 2015 as its free float had fallen below 10%.
Kho said that the company had also submitted a request for lower public shareholding spread and the stock exchange regulator was considering the request.
“Getting back the listing status is important for PPB as we will utilise the fund to improve our gearing rate, as well as allocate some of it as a source if we were to plan for fund raising in the future. Not to mention, it can help reduce PPB’s dependency on Dayang Enterprise Holdings Bhd,” Kho said.
As at 31 December 2016, Perdana’s net gearing stood at 1.2 times Dayang is a major shareholder in the company and is has been previously reported that it intended to divest 37.5% of its 98% stake in Perdana Petroleum resulting in a dilution of its shareholding to 60.5%.
The two companies remain tightly connected however. Out of Perdana Petroleum's 17 OSVs, nine OSVs are chartered by Dayang.
Perdana Petroluem meanwhile is expecting its utilisation rate to improve this year from the 58% level it was at in 2016, as it is actively tendering various projects under direct and umbrella contracts with oil majors, both locally and regionally.
However, Kho reiterated that group would continue to post a loss this year due to the challenging time faced by the oil and gas industry.
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