Local O&G companies continue to be hurt by 2014 oil rout

March 18, 2019

I hurt.

Dateline 2019-02-18, Malaysian Reserve:

The 2014 global oil rout continues to impact the oil and gas (O&G) sector in the country.
Perisai Petroleum Teknologi Bhd’s regularisation plan was rejected by Bursa Malaysia and its share was suspended on Jan 22. The company had appealed the decision on Feb 8 and its official delisting from the Main Market is pending the outcome of the appeal.
CLIQ Energy Bhd distributed RM6.12 million from its trust account to shareholders on Jan 31 after the special-purpose acquisition company failed to secure a qualifying asset within the three-year deadline and will soon be delisted.
Scomi Group Bhd is also reeling from the 2014 oil fiasco.

Perisai Petroleum facing delisting

February 7, 2019

Dateline 2019-01-15, The Edge:

The crash in crude oil prices in 2014 looks set to claim its first publicly listed victim, with Perisai Petroleum Teknologi Bhd headed for removal from Bursa Malaysia on Feb 13.

The former market darling last Friday failed to secure Bursa Securities’ approval for its regularisation plan and has received a notice from the regulator of its trading suspension starting Jan 22.

There is still hope for the company, in financial distress since October 2016, to appeal against the decision. It has until Feb 10 to do so.

Tabung Haji’s oil and gas woes

December 2, 2016

Don’t know about you, but I’m not taking my money out of Tabung Haji.

Dateline 2016-10-25, The Edge:

LEMBAGA Tabung Haji does not seem to have had much luck in investing in the oil and gas sector. The pilgrim fund is probably among the biggest victims of the beleaguered O&G outfit Perisai Petroleum Teknologi Bhd.

Bluntly put, Perisai is just one of Tabung Haji’s many failed investments in the sector, which is experiencing a severe downturn.

On Oct 4, Tabung Haji sold 1.75 million Perisai shares, trimming its equity interest to 76.43 million shares or 6.06%.

That day, Perisai’s share price traded between 8.5 sen and 10 sen, which means at the higher end, the pilgrim fund would have got a mere RM175,000 from the share sale.

Ironically, prior to the sale of the 1.75 million shares, Tabung Haji’s last transaction in Perisai shares was almost exactly a year ago — on Oct 7, 2015 — when it sold 600,000 shares. The pilgrim fund’s investment loss would not have been as bad if it had sold more shares then.

To recap, Tabung Haji surfaced as a substantial shareholder in Perisai on Dec 23, 2014, after it bought 1.2 million shares, bumping up its holding to 79.88 million shares or 6.7%.


Malaysian banks brace for hit from oil and gas sector, but not as exposed as Singapore lenders

November 8, 2016

Dateline 2016-09-26, Straits Times:

Malaysian lenders are bracing for a hit to profits this year as they bump up provisions for sour loans to the local oil and gas services sector that has been battered by the slump in energy prices and cutbacks in projects.

The problem mirrors pain playing out in neighbouring Singapore, where the collapse of oilfield services firm Swiber Holdings Ltd has stoked concerns about the size of the city state’s biggest lender DBS Group Holdings’ exposure to the industry.

Last month, Malaysia’s Perisai Petroleum Teknologi , an offshore oil and gas services provider, said it was aiming to renegotiate terms with bondholders on a S$125 million bond.

EMAS Offshore Limited: Extended Disclosure Regarding Proposed Sale of Shares in Persai Teknologi Bhd to Ezra Holdings Limited

January 21, 2016

Hess, do you know about this? Isn’t Ezra the same group as Perisai?

Dateline 2015-12-16, Business Wire:

EMAS Offshore Limited (“EMAS”) (OSE:EMAS) has entered into a letter of undertaking with Ezra Holdings Limited (“Ezra” or the “Buyer”) on 15 December 2015 (the “Undertaking”). Pursuant to the Undertaking, Ezra undertakes to buy from EMAS its entire 12.13 % stake in Perisai Petroleum Teknologi Bhd (“Perisai“). Perisai is a Malaysian-based upstream oil & gas provider and is listed on the Main Market of the Bursa Malaysia Securities Berhad. EMAS acquired the 12.13% stake in Perisai on 21 August 2013 as part of the consideration when EMAS sold its 51% stake in EMAS Victoria (L) Bhd to Perisai.

From the Star – Perisai Seeks Tie-ups

April 8, 2009

Dateline 2009-04-07 (story link here):

KUALA LUMPUR: Perisai Petroleum Teknologi Bhd hopes to either build or acquire more strategic marine assets to assist in the offshore installation of small fields and deepwater developments, says managing director Nagendran Nadarajah.

He said the company planned to co-own the assets via partnerships and joint ventures, as financing was somewhat limited in the current economic slowdown.

“Now is the time to build more strategic assets in preparation for the next rebound in oil price.

Another opportunity for you wheeler dealers out there.

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Excerpt from The Star – Perisai Petroleum Teknologi

January 21, 2009

Those of you who complain that it’s difficult to get jobs in the oil & gas industry, you should go talk to Perisai Petroleum.

The following is an extract from The Star, dateline 2008-01-15:

Perisai Petroleum Teknologi Bhd MD Nagendran Nadarajah is upbeat about staying focused on services for deepwater and small/marginal oilfields.

The Star - Perisai Petroleum Teknologi

The Star - Perisai Petroleum Teknologi

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