Petra Perdana sees higher utilisation of vessels

Source: The Star

KUALA LUMPUR: Petra Perdana Bhd plans to expand its fleet as it rides on the buoyant demand for offshore marine vessels resulting from the increase in exploration and production (E&P) activities in the oil and gas industry.

Its executive chairman and chief executive officer Tengku Datuk Ibrahim Petra said he expected higher vessel utilisation rate in 2008 and beyond, compared with the 75% utilisation in 2007, due to its newer fleet and increased demand for offshore marine vessels.

In a statement Thursday, he said Petra Perdana’s strategic fleet expansion and renewal programme put in place almost three years ago was timely as it involved the acquisition of new marine vessels to capitalise on the surge in E&P activities.

Petra Perdana had taken delivery of three new anchor handling, tug and supply (AHTS) vessels and its fleet now comprise 20 vessels with 17 new vessels to be delivered over the next one to two years.

“Of the 17 new vessels, we expect three AHTS vessels and one work barge to be delivered by end-2008, thus increasing our fleet to 24 vessels,” he said in the statement issued after the company’s AGM.

Ibrahim said the company’s second phase of its programme involves the delivery of new work barges and workboats that would allow it to take advantage of the next growth market in offshore marine services.

“Based on current firm deliveries and disposal plan, by end of 2009, the average age of Petra Perdana’s marine fleet will be reduced to seven-and-a-half years from the current 19 years,” he said.

He said this would result in significantly lower maintenance and docking costs, increase in vessel utilisation and maximising the fleet’s returns from higher charter rates.

Ibrahim, who is also executive chairman of Petra Energy Bhd, said the company was looking at new collaborations to boost its capabilities locally and abroad.

“We are currently looking at three to four brown field and engineering consultancy companies. However, the discussions are only at the preliminary stage,” he said in the statement.

He said the main objective was to provide complete integrated support for all brown field activities. He added Petra Energy’s recent joint venture with Australia’s independent well engineering group Advanced Well Technologies (AWT) would see both parties providing complete solutions in sub-surface work.

“The group’s penetration into the sub-surface activities of brown field services is a natural expansion of our business scope. It is part of the group’s aspiration to be a one-stop integrated brown field services provider for the oil and gas industry,” he said.