AsiaOffshore

Perisai Petroleum on edge as winding up order lands and banks come knocking

Insolvent Malaysian offshore firm Perisai Petroleum Teknologi has moved a couple of steps closer to oblivion.

A private investor, Ravi Murarka, who invested S$15m in a failed Singapore bond issue has filed a winding up order against Perisai at the Kuala Lumpur High Court. Perisai defaulted on a S$125m bond earlier this month.

Adding to Perisai’s woes, a 51% owned subsidiary, SJR Marine has defaulted on a financing facility provided by OCBC Al-Amin Bank. The bank is seeking immediate repayment of $20.5m.

Perisai stock is trading at all time lows. Its demise is roiling another offshore firm in Singapore. The news from Kuala Lumpur could have big ramifications for Singapore’s Ezra Holdings, an offshore firm with heavy debts. Ezra and its subsidiary indirectly and directly own a total of 20.6% in Perisai.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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