KUALA LUMPUR (Dec 16): Offshore marine service provider Perdana Petroleum Bhd (KL:PERDANA) has secured a charter contract for an anchor handling tug and supply (AHTS) vessel from IPC Malaysia BV.

In its filing with Bursa Malaysia on Monday, Perdana said the contract value cannot be determined at this time as it will depend on the vessel’s assignment location throughout the three-year contract period, with an option for a further three-year extension.

The contract was awarded to Perdana's wholly owned subsidiary, Perdana Nautika Sdn Bhd (PNSB), in relation to IPC’s provision of production operations vessels for Petronas Carigali Sdn Bhd.

Under the contract, PNSB will supply an AHTS vessel, along with its crew and necessary equipment, to perform 24-hour service, supporting and servicing drilling rigs, offshore installations and derrick barges, and performing towing and anchor handling operations.

"The AHTS vessel identified for the contract will also be used for another contract with Hess Exploration and Production Malaysia BV, and this announcement is to be read together with the announcement that Pedana is releasing on the contract with Hess," Perdana said.   

Perdana expects the contract to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2024 (FY2024) through to FY2028.

For the third quarter ended Sept 30, 2024, Perdana reported a significant increase in net profit to RM75.8 million, up 233.18% year-on-year compared to RM22.75 million.

This growth was driven by improved charter rates and higher vessel utilisation, which benefited from a shortage of offshore support vessels for production and operational activities in the July-September quarter.

Revenue for the period rose 22.45% to RM127.25 million from RM103.92 million, supported by an increase in vessel utilisation to 78% (from 76% previously) and higher daily charter rates.

At the noon market break on Monday, shares of Perdana settled unchanged at 23.5 sen, giving the company a market capitalisation of RM512.45 million. The stock has appreciated over 17% year-to-date, although it has been on a downtrend since hitting a high of 51 sen in July.