Perisai Offshore Serves As Agent for Perisai Pacific 101 Jackup in Malaysia

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.

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