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Perdana Petroleum buying three vessels for US$50m
by Cals Mon 25 Nov 2013, 01:27
Published: Friday November 22, 2013 MYT 7:34:00 PM
Updated: Friday November 22, 2013 MYT 7:36:09 PM
Perdana Petroleum buying three vessels for US$50m
KUALA LUMPUR: Perdana Petroleum Bhd is buying three vessels from Mount Bintang LLC and Mount Bubu LLC for a total of US$50mil.
It said on Friday its unit Perdana Mercury Ltd had signed memorandum of agreements with the two companies to purchase the three vessels -- Perdana Liberty, Perdana Frontier and Perdana Horizon.
Perdana Petroleum had in the same statement pointed out it had opted to purchase the vessels instead and had earlier terminated the bareboat charter arrangement with Mount Bintang and Mount Bubu.
“The termination and the purchase will result in the recognition of the vessels as assets of the Perdana Petroleum and hence converting the vessels that are foreign flag to Malaysian flag,” it said.
Updated: Friday November 22, 2013 MYT 7:36:09 PM
Perdana Petroleum buying three vessels for US$50m
KUALA LUMPUR: Perdana Petroleum Bhd is buying three vessels from Mount Bintang LLC and Mount Bubu LLC for a total of US$50mil.
It said on Friday its unit Perdana Mercury Ltd had signed memorandum of agreements with the two companies to purchase the three vessels -- Perdana Liberty, Perdana Frontier and Perdana Horizon.
Perdana Petroleum had in the same statement pointed out it had opted to purchase the vessels instead and had earlier terminated the bareboat charter arrangement with Mount Bintang and Mount Bubu.
“The termination and the purchase will result in the recognition of the vessels as assets of the Perdana Petroleum and hence converting the vessels that are foreign flag to Malaysian flag,” it said.
It pointed out the purchase of the vessels would be funded by internally generated funds and bank borrowings.
“The Perdana Petroleum Group has secured re-financing facilities of approximately US$34mil to part finance the purchase of the vessels,” it said.
It added the purchase would result in savings in terms of lease rental expense against interest cost and depreciation of about RM10mil per annum. The gearing ratio will increase from 0.7 times to 0.9 times.
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