AsiaFinance and InsuranceOffshore

Perisai Petroleum continues negotiations after default on bonds

Kuala Lumpur-listed offshore firm Perisai Petroleum Teknologi has failed with a proposal asking its Singapore bondholders to delay the maturity of its S$125m ($91.9m) bonds due yesterday and in February next year.

The company says it intends to engage with note holders on an alternative proposal and revealed that together with its joint venture partner, Emas Offshore, the firm received an indicative offer of financing from a financial institution.

While the financing relates to a JV company owned by Perisai and EMAS, the company said that around $20m from the deal would be earmarked towards a resolution with note holders.

EMAS Offshore, part of Singapore’s Ezra Holdings, owns 11.8% of Perisai shares. The two companies also own SJR Marine together, with Perisai having a put option in place where it has the right sell its 51% stake to EMAS for $43m.

The Malaysian company said that as part of the indicative financing package, it is in discussion with EMAS to resolve various issues in respect of the put option.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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