Perisai Petroleum Teknologi seeks bond payment deferral

Kuala Lumpur-listed offshore firm Perisai Petroleum Teknologi has set alarm bells ringing, asking bondholders to delay the maturity of its S$125m ($91.9m) bonds due next month and in February next year.

The company has been reporting consecutive quarters of losses and its capital base has been badly hit during the offshore downturn.

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.

A number of Southeast Asian offshore firms are reviewing their financial position of late. Last week, for instance, Singapore-listed Marco Polo Marine appointed KPMG as an advisor to the group to conduct an “independent business review” of the company.

In July another Singaporean offshore vessel operator, Swiber Holdings, announced its liquidation only to later perform a u-turn putting the company into judicial management with KPMG as the manager.


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.
Back to top button