Perisai working on alternatives after noteholders reject its proposal

Malaysian offshore services provider Perisai Petroleum is working on alternatives after noteholders rejected its debt restructuring plan.

Persai had hoped to receive waivers for the non-payment of principal interest for S$125 million notes due on October 3 and was hoping it would be able to defer the interest payment and maturity date to February 2017. However, such resolution has not been passed at the noteholders’ meeting on October 3.

Also, Perisai said that together with its joint venture partner Emas Offshore it had, on September 30, 2016, received an indicative offer of financing from a financial institution for their SJR Marine joint venture.

The company said that subject to securing this financing deal, it would allocate a part of the funds obtained, some $20 million, “towards a mutually acceptable resolution with the company’s noteholders.“

“It is on this basis that the company intends to engage with the Noteholders on an alternative proposal,” the offshore service provider said.

Perisai and Emas Offshore are now in talks with the potential lender to get a binding offer.

The two companies are joint venture partners in Emas Victoria and SJR, the owner of the Floating, Production, Storage and Offloading vessel, Perisai Kamelia and the offshore construction vessel Enterprise 3 respectively.

Apart from the talks being held with the unnamed financial institution, Perisai and Emas are working towards resolving ‘various issues’ amongst themselves.

Namely, Perisai owns a 51 percent stake in SJR Marine, with Emas owning the remaining 49 percent. However, there is also a put option included under which Perisai could sell its stake to Emas $43 million. If Perisai elects to exercise the put option, Emas will be obliged to buy.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply