Perisai Petroleum Teknologi Bhd, a growing supplier of vessels and a solutions provider for the oil and gas industry, has proposed to acquire a 51 per cent equity interest in Intan Offshore Sdn Bhd for RM45.237 million.

The acquisition will be satisfied with the issuance of 70.683 million new shares in Perisai at an issue price of 64 sen each.

In a statement, Perisai said the acquisition will enhance its ability to compete in the vessel supply and chartering business, while gaining access to new revenue streams around the region.

Intan Offshore, which currently owns eight vessels, is involved in the vessel chartering services business and is currently owned by the Perisai Group’s second largest shareholder, Ezra Holdings Limited.

Ezra Holdings is an integrated offshore support solutions provider for the oil and gas industry that is listed on the Mainboard of Singapore Exchange Securities Trading Limited.
The vessels, six of which are Malaysian flagged, are currently all fully utilised in various fields around the region, Perisai said.

It also said with the proposed acquisition, Ezra will hold an approximately 27 percent equity in Perisai.

Perisai said it will remain a majority Malaysian-owned company with a significant majority stake, held by institutional and individual Malaysian investors.

Perisai, headquartered in Malaysia, is a supplier of vessels and a solutions provider for the oil and gas sector.

Prior to the proposed acquisition, Perisai already owned three vessels including a Malaysian flagged 800-ton derrick lay barge used to install offshore pipelines.

With the acquisition, the company will enhance its reach into different revenue opportunities, through a wider variety of vessels each with its own demand in the market. -- Bernama

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