Company Update � Perdana Petroleum (ADD,
maintain)
- Focused, forward-thinking
Perdana has been shortlisted for Shell�s St Joseph CEOR project. The successful bidder will
provide a barge for Shell to install facilities such as tanks, chemical
injection equipment and process equipment. As Perdana�s work barge, Perdana Emerald is still under construction,
this may give Perdana a competitive edge as it has higher flexibility to
accommodate Shell�s requirements. Elsewhere, Perdana will continue to focus
in expanding its fleet of work barges. Perdana has ordered 2 new work barges
from Nam Cheong. These vessels will have accommodation capacity for 500
persons. While there is currently no proven market for such 500-men work
barge in the region, we are positive on its future prospects in view of the
increased complexity in EOR projects which requires more manpower and heavier
equipment. No changes to earnings forecast, ADD rating and TP of RM2.08 based
on 14x CY15E PER.
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