Wednesday, February 23, 2011

Petra Perdana(7108.KL) banks on deep-water finds

KUALA LUMPUR: Oil and gas marine services outfit Petra Perdana Bhd could be a major beneficiary of jobs stemming from Petroliam Nasional Bhd’s (Petronas) recent deep-water finds at Sarawak’s NC3 and Spaoh-1 deep-water wells. However, it may have to reflag its non-Malaysian flagged vessels to qualify for the jobs.

Deep-water oil wells generally require bigger support vessels with more brake horse power (bhp), such as those owned by Petra Perdana.

Petra Perdana has a mixed fleet of 25 vessels, of which 14 are larger vessels above 9,000bhp, which would make them ideal for Petronas’ new oil finds in Sarawak.

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