KUCHING: Perdana Petroleum Bhd’s (PPB) wholly owned subsidiary, Perdana Nautika Sdn Bhd (PNSB), has accepted a work order from Sarawak Shell Bhd for the charter of two accommodation work barges.
The charter is in accordance with the provisions under the Panel Contractor Contract (PCC) for offshore support vessel services for Petroleum Arrangement Contractors (PACs), dated April 9, 2024, executed between Sarawak Shell and PNSB.
The contract commences on March 15, for one of the work barges and April 7, for the other. The proposed duration of the charter is three years, with an option to extend for one additional year.
“In view of the confidentiality and privacy clauses of the contracts, the estimated value of the contracts cannot be disclosed,” PPB said in a filing with Bursa Malaysia.
PNSB shall provide the work barges, along with crew and equipment, to perform 24-hour services for assisting and/or servicing drilling rigs, offshore installations, derrick barges, towing, and anchor jobs, as per the agreed scope of work to support Sarawak Shell’s project activities.
“The contract is expected to contribute positively to the earnings and net assets of the PPB group for the financial years ending December 31, 2025, to 2028.
“The risks associated with the contract are normal operational risks, which can be mitigated through PPB Group’s system of project management and internal business controls,” said PPB, a leading provider of offshore marine support services for the oil and gas industry.
For the financial year ended December 31, 2024 (FY2024), PPB reported a higher vessel utilisation rate of 70 per cent, compared to 58 per cent in 2023.
This drove up the group’s revenue by 40 per cent to RM440.1 million (FY2023: RM313.9 million) and boosted after-tax profit threefold to RM146 million (RM44.5 million).
The company’s managing director, Jamaludin Obeng, said that offshore activities remained strong throughout the year, driving higher vessel utilisation amid a tight supply of offshore support vessels (OSVs).
He also noted that Petroliam Nasional Bhd (PETRONAS) has raised concerns about the high number of aging vessels in the OSV industry, emphasising the potential risks if a shortage of newbuilds occurs over the next three years.
“Perdana believes this market situation presents an opportunity for us to seriously consider fleet renewal and rejuvenation in a strategic and timely manner,” he added.
Besides accommodation work barges, PPB’s fleet of OSVs includes work boats and anchor-handling tug supply (AHTS) vessels.
The group has also secured third-party OSV services from the Southeast Asian region to fulfil its work orders, further boosting its OSV on-hire capacity.
