In an entrenched position for growth. We remain positive on Perisai's growth prospects, management focus and balance sheet strength. It could next feature in Malaysia's FPSO scene with Ezra as it seeks to leverage on Ezra's financial muscle and experience. Recall that Hess has given a Letter of Intent to Ezra's unit, EMAS Offshore, to charter an FPSO for the North Malay basin field. A successful FPSO partnership with Ezra would catapult Perisai onto a new growth path and reinforce our conviction Buy call.

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Source: Maybank Research - 10 April 2012