Perdana buys 2 work barges for US$84mil

  • Business
  • Monday, 23 Jun 2014

KUALA LUMPUR: In a bid to grow its fleet, Perdana Petroleum Bhd has acquired two 500-men accommodation work barges (AWB) from Nam Cheong Ltd for US$84mil.

Perdana Petroleum will fund the purchase through internally-generated funds and bank borrowings.

Executive director Datuk Henry Kho said Perdana Petroleum's current gross gearing was at one time and expected it to remain at a similar level as payment would be made over a few years.

"Generally, we will keep our gearing level at 1 time to 1.5 times," he said on Monday.

The offshore support vessels operator expects the first AWB to be delivered in the first quarter of 2016 and the second one in the second quarter of the same year.

Perdana Petroleum might also opt to buy two additional AWBs after the delivery in 2016.

Managing director Captain Surya Hidayat said it could get the two extra AWBs in the third and last quarter of 2016.

He anticipated to send the new barges for the local or regional markets.

"We will look out for potential contracts in Malaysia, Thailand, Myanmar, Vietnam and are open to opportunities if they arise in the Middle East," he added.

Its current orderbook stands at RM1.3bil.

The 500-men AWBs with a 300 tonnes crane capacity are the largest to be built by Nam Cheong Ltd.

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