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THE HISTORY OF PERDANA PETROLEUM BERHAD


The Beginning

The journey of PERDANA PETROLEUM BERHAD started with the incorporation of Petra Resources Sdn Bhd (“PRSB”) on 16th August 1988 which commenced its business in the supply of engineered equipment to the oil & gas, petrochemical and power generation industries.

PRSB represented a host of internationally reputable equipment manufacturers via agency/distributor agreements for various industrial equipment such as pumps, gearboxes, valves, air compressors, gas/diesel engines and watermakers.

The Growing Years

As part of its early growth strategy, PRSB went on to establish its first workshop in Miri, Sarawak in year 1994 to provide engineering and maintenance services to major oil & gas companies. This was followed with the setting up of 2 other workshops in Labuan, Federal Territory and Kemaman, Terengganu.

With the competencies acquired in the engineering and maintenance services, PRSB went on to be one of the first few companies approved by Malaysia’s national oil company, Petroliam Nasional Berhad (“Petronas”), to re-manufacture non-proprietary parts for equipment used in the oil & gas and petrochemical industries.

The continued development of its management and engineering competencies allowed PRSB to venture into the business of packaging mechanical/rotating equipment and fabricating high integrity process equipment in 1997.

In its effort to raise capital for the expansion of its business activities, PRSB, via Petra Perdana Berhad (“PPB”; now known as PERDANA PETROLEUM BERHAD) was listed on Bursa Malaysia Securities Berhad (formerly known as Kuala Lumpur Stock Exchange) in year 2000.

Following the successful listing of PPB, the PPB Group went on to become the first company to be awarded a Hook-Up & Commissioning (“HUC”) project in Malaysia.

Moving Up in the Value Chain

During the days when PPB Group was undertaking HUC projects, it became clear that one of the critical success factors of such projects lie in the availability of offshore support vessels (“OSV”). With this in mind, PPB Group moved up in the value chain of the services it provides by acquiring 3 OSV owning companies in 2004.

As its business activities continue to expand, PPB chain listed its subsidiary Petra Energy Berhad (“PEB”) in year 2007. Whilst PPB remains in the OSV business, all the non-OSV businesses are held in PEB.

Focusing on the Core

From just 6 marine vessels in year 2004, PERDANA PETROLEUM BERHAD (“PPB”; formerly known as Petra Perdana Berhad) went through a fleet renewal programme from years 2008 to 2011 and a fleet expansion programme in year 2012. These programmes propelled PPB to be a major owner-operator of OSV and a key marine services operator for the offshore oil & gas industry with a focus on the regional market covering Malaysia, Indonesia, Thailand, Vietnam, Myanmar and Australia.

With better economics outlook for the OSV business and in order to better focus on the core business, PPB disposed off its balance of 26.9% shareholding in PEB in 2012.

Today*, PPB Group owns and operates a total of 17 vessels with an average age of about 7 years, making it one of the youngest fleet in the region. These vessels are designed and fitted with modern and reliable international standard equipment to meet the challenging standards required by the offshore oil & gas industry. PPB Group’s vessels are made up of 8 Anchor Handling Tug & Supply (“AHTS”) vessels, 2 workboats and 7 accommodation workbarges.

*as at 1st Jan 2017

In May 2015, Dayang Enterprise Holdings Berhad ("DEHB" or "Dayang Group") has initiated a Mandatory General Offer which resulted in DEHB acquiring a 94.8% stake in PPB upon completion of the takeover in Aug2015.

The strategic alliance between Dayang Group contribute positively to the performance of both companies, as the merger of PPB's business with Dayang Group placed PPB Group in a better position in terms of ensuring the vessels owned by PPB be chartered and Dayang Group is qualified to bid for more offshore maintenance works. The merger permits both groups of companies to control their operating costs in a more efficient way. These consolidations inevitably generate a more competitive edge over our competitors and ensure our sustainability in this sector of the industry in the near and long term.

Sailing forward with the merger and a healthy mix of vessels for greenfield projects (i.e. AHTS vessels) and brownfield projects (i.e. workboats and accommodation workbarges) in its fleet, PPB Group is strongly positioned to continue to be a dominant player in the OSV market.