Perisai Petroleum Teknologi Bhd's wholly owned subsidiary Perisai Drilling Sdn Bhd entered into an Agency Agreement with the firm's 51 percent unit Perisai Offshore Sdn Bhd under which the latter will act as the exclusive agent of jackup Perisai Pacific 101 (400' ILC) within Malaysian waters.
Perisai Offshore’s duties include "the provision of the necessary license for the use of Perisai Drilling, the marketing of the rig, continuous support and assistance relating to the preparation of tender and contractual documents and the supply of information and participation in negotiation," Perisai Petroleum said in a company release.
Perisai Drilling, the operator of Perisai Pacific 101 (PP101), will pay Perisai Offshore a fee of 2 percent of the applicable dayrate of any contract secured by Perisai Offshore for the benefit of Perisai Drilling. The estimated total agency fee payable to Perisai Offshore amounts to approximately 3.1 million over a 3 year duration.
Perisai Offshore is a 51 percent subsidiary of Perisai with the remaining 49 percent of its issued share capital owned by the managing director of Perisai, Zainol Izzet bin Mohamed Ishak.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you