TL Offshore Ends ‘Enterprise 3’ Charter (Malaysia)

TL Offshore, a subsidiary of one of Malaysia’s largest oilfield services providers SapuraKencana, has decided not to extend a charter deal for the ‘Enterprise 3’ derrick lay barge.

The barge, owned by SJR Marine,a Perisai-owned company, has been working for TL Offshore since it was launched in 2008.

“The company is considering available options in securing continuing charters of the Enterprise 3,” said Perisai in a filing to Bursa Malaysia.

The barge will keep on working for TL Offshore for three more weeks.

The Enterprise 3 (E3) is an ABS Class A1 Derrick Lay Barge capable of transporting and installing offshore structures and pipelines. Built in 2008, the E3 can accommodate up to a crew of 300 in its air-conditioned living quarters and is fully equipped with recreational rooms, a 150-seat galley, offices and conference facilities and has a designated deck space of 1200m² and is also equipped with Safety Equipment, Helicopter Navigation System and a Helideck capable of handling S92 Sikorsky helicopter.

In a separate statement, Perisai said its profit is expected to be enhanced for the financial year ending 2013 following the recent completion of the acquisition of companies owning and operating Perisai Kamelia, a Floating Production, Storage and Offloading facility from EOC Limited despite the proposed disposal of 49% equity in SJR to EOC which is expected to be completed by the end of the third quarter in 2013 and also on the assumption the bareboat charter for Enterprise 3 and Rubicone are extended.

 Entry into offshore drilling market

Also, Perisai added that it has two jack up rigs currently under construction would facilitate Perisai’s entry into the offshore drilling segment specifically in Malaysia and in the Asia Pacific region. It is also expected that both rigs will contribute to revenue and earnings growth of Perisai Group after the planned delivery of the drilling rigs in July 2014 and  second  quarter of 2015 respectively. The jack-up drilling rigs would broaden Perisai’s asset offering to its clients and together with its other marine assets, expands its participation in the offshore oil and gas value chain by integrating key strategic assets within its stable capable of servicing the upstream exploration, development and production phases of offshore oil and gas development.

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Offshore Energy Today Staff, August 22, 2013