KUALA LUMPUR (March 2): Perisai Petroleum Teknologi Bhd has secured a further extension of its marine vessel charters, worth US$3.65 million (RM13.24 million.

In a statement to Bursa Malaysia today, Perisai (fundamental: 0.35; valuation: 1.2) said its major shareholder, Emas Offshore Pte Ltd, had opted to lease Perisai's three vessels for another two years from August 31, 2015 to August 31, 2017.

"The extension charters will have no effect on the issued and paid-up capital of the company and is expected to contribute positively to Perisai group’s earnings and net tangible assets for the financial year ending 31 December 2015 and the financial periods thereafter, in the duration of the extension charters," Perisai said.

The two-year extension followed a three-year extension between September 1, 2012 and August 31, 2015 for the vessels known as Sarah Gold, Sarah Jade and Bayu Pearl.

Emas Offshore is a subsidiary of Singapore-listed Ezra Holdings Ltd. Ezra via Emas Offshore and HCM Logistics Ltd owns 23.59% of Perisai.

Perisai shares fell one sen or 1.5% at 12:30pm to settle at 64.5 sen for a market capitalisation of RM769.3 million. Some 15 million shares changed hands.

The stock had gained 42% this year, outperforming the FBM KLCI's 3% rise.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)