Petronas adds more time to Perisai rig contract

  • Business & Finance

Perisai Petroleum has been awarded a contract extension for the jack-up drilling rig Perisai Pacific 101 by Malaysia’s state-owned oil company Petronas. 

Perisai’s 51% subsidiary, Perisai Offshore, has been awarded the extension to the contract, secured on May 8, 2014, which required the provision of the Perisai Pacific 101 jack-up to Petronas Carigali for duration of three years.

According to Perisai’s Bursa Malaysia filing from Friday, Perisai Offshore and Petronas Carigali have now agreed to extend the duration of 2014 contract based on a formula previously agreed between the two which is primarily dependent on the prevailing market rate for the daily charter. Unless there are changes to the prevailing market rate, the contract is expected to be extended for a period of approximately twenty months, the company said.

The 2014-built rig is a PPL Pacific Class 400 design, equipped to drill high pressure and high temperature wells as deep as 30,000 feet. The rig was constructed by Sembcorp Marine’s PPL Shipyard.

It is also capable of operating in water depths of up to 400 feet, capable of doing offline activity while drilling, ability to be jacked-up with full pre-loading tanks and has full service accommodation for 150 personnel.

Under contract with Petronas since its delivery, the jack-up was in October 2015 farmed-out to Hess for an initial nine-month period, which was later extended by up to fifty four days.The rig returned to Petronas at the end of the farm-out extension, which was planned for August 15, 2016.

Offshore Energy Today Staff

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