Perisai Petroleum profit drops 22% on expiry of contractsPerisai Petroleum profit drops 22% on expiry of contracts

Both the Rubicone Mobile Offshore Production Unit and the Enterprise 3 derrick pipe laying barge had completed their charters in September 2013. At the pre-tax level the mobile offshore production unit division fell to a MYR9.5m loss in the fourth quarter as revenue plunged to just MYR671,000.

The company warned in a stock market announcement that while it is "exploring various opportunities"  its profit "is expected to have an impact in the event there are no new charters secured for the two assets".

The profit falls were mitigated by contributions from Perisai's newly acquired FPSO joint venture. Perisai reported that its Perisai Kamelia FPSO commenced its three-year contract in November and is expected to continue contributing positively to the group. Furthermore all eight of its OSVs are on long term charters till August 2015.

Perisai also gave an upbeat outlook for its two jack up rigs which are now on order and scheduled for delivery in June and in the second quarter of next year.

"The jack-up drilling rigs would broaden Perisai’s asset offering to its clients and together with its other marine assets, expands its participation in the offshore oil and gas value chain by integrating key strategic assets within its stable capable of servicing the upstream exploration, development and production phases of offshore oil and gas development," Perisai said.