Perisai reveals rig contract value

Following last week’s Bursa Malaysia filing by Perisai Petroleum Teknologi, in which the company said it had received a contract from Petronas Carigali Sdn Bhd for the provision of an offshore jack-up drilling rig, Perisai has today provided additional information on the contract.

The company has today said that the value of the contract is $158 million, with any extension to the contractual duration subject to the mutual agreement of the parties.

As for the original announcement, Persiai Petroleum Teknologi last week said its 51% subsidiary Perisai Offshore Sdn Bhd had secured a Letter of Award from Petronas Carigali Sdn Bhd (“PCSB”) dated 24 April 2014 for the provision of the jack-up drilling rig Perisai Pacific 101 for a duration of three years.

Perisai said that the works required under the contract would be fully undertaken and performed by the Company’s wholly owned subsidiary, Perisai Drilling Sdn Bhd and managed by Hercules Offshore as the drilling operations and maintenance manager of the Perisai Pacific 101 rig.

Actual operations are expected to start in mid 2014 in support of PCSB’s drilling campaign.

The Perisai Pacific 101 is a Pacific Class® 400 jack-up drilling rig with technologically advanced drilling capabilities constructed by PPL Shipyard Pte Ltd . Designed and equipped to drill high pressure and high temperature wells as deep as 30,000 feet, the Perisai Pacific 101 is capable of operating in water depths of up to 400 feet and has full service accommodation for 150 personnel.