Perisai Petroleum Teknologi Bhd, which provides offshore vessel charter services, expects the acquisition of Garuda Energy (L) Inc will start to contribute to its bottomline in the next financial year 2012.
Its managing director, Zainol Izzet Ishak, said the acquisition comes with an annual net profit guarantee of US$16.67 million for the first two years.
"Over the duration of the fixed two years of the deployment, the Mobile Offshore Production Unit (MOPU) is expected to contribute about US$50 million to Perisai's turnover," he told reporters after the company's extraordinary general meeting today.
In addition, there is an option for two further extensions of one year each, he said.
Garuda Energy is the owner of the MOPU which is contracted to work off the coast of Terengganu.
Zainol said it was a good acquisition for the company as it brought assets that already have steady revenue streams as well enhance the earnings per share of the Perisai group.
He said the acquisition of several companies this year has also come with several assets that promised a sustainable income for the group in the next one to three years.
"The acquisition exercise of Garuda Energy is expected to be completed by year-end," Zainol said.
On the outlook of the industry next year, he said, the company was optimistic on future growth especially with the Economic Transformation Programme projects expected to come onstream next year including investment in the marginal field and new oil finds. -- Bernama
Its managing director, Zainol Izzet Ishak, said the acquisition comes with an annual net profit guarantee of US$16.67 million for the first two years.
"Over the duration of the fixed two years of the deployment, the Mobile Offshore Production Unit (MOPU) is expected to contribute about US$50 million to Perisai's turnover," he told reporters after the company's extraordinary general meeting today.
In addition, there is an option for two further extensions of one year each, he said.
Garuda Energy is the owner of the MOPU which is contracted to work off the coast of Terengganu.
Zainol said it was a good acquisition for the company as it brought assets that already have steady revenue streams as well enhance the earnings per share of the Perisai group.
He said the acquisition of several companies this year has also come with several assets that promised a sustainable income for the group in the next one to three years.
"The acquisition exercise of Garuda Energy is expected to be completed by year-end," Zainol said.
On the outlook of the industry next year, he said, the company was optimistic on future growth especially with the Economic Transformation Programme projects expected to come onstream next year including investment in the marginal field and new oil finds. -- Bernama
