PERDANA Petroleum Bhd is expected to "sail smoothly" in 2014 on robust offshore supply vessel market. The company is likely to grab a slice of Petroliam Nasional Bhd's (Petronas) contracts. RHB Research Institute said the offshore supply vessel market demand remains in the picture and it believes the market will continue to see excitement throughout 2014-2015, supported by leading indicators, such as Petronas' offshore capital expenditure and charterers increasing demand for younger and environment-friendly offshore supply vessels. "There will also be potential corporate exercises and initial public offerings among heavyweight offshore supply vessels, such as Icon Offshore, Syarikat Borcos and Shipping Sdn Bhd , and these factors should support Perdana Petroleum's share price," RHB Research said in its note to investors yesterday. RHB said Perdana Petroleum's 2014 story is centred on its earnings turnaround since 2012 with a 85 per cent utilisation rate and continuous excitement in the offshore supply vessel segment.
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