Intan Extends Charter for 5 OSVs to Emas Offshore by 2 Years for $23M

Malaysia's Perisai Petroleum Teknologi Berhad reported that Emas Offshore Pte Ltd. has exercised an option to extend the bareboat charter for five offshore support vessels with Intan Offshore Group, the 51 percent unit of the firm's subsidiary Intan Offshore Sdn Bhd and its subsidiaries for a further two years, it said in a filing on local stock exchange Bursa Malaysia Thursday.

Under the original contract, Intan Offshore chartered the five vessels -- Lewek Emerald, Bayu Intan, Lewek Eagle, Lewek Mallard and Lewek Swift -- to Emas Offshore for three years from Sept. 1, 2012 to Aug. 31, 2015, including an option for a two year extension.

With the extension, the five offshore support vessels will continue working for Emas Offshore unti Aug. 31, 2017.

"The aggregated daily charter hire for the Extension Charters payable to the Intan Group is $31,630.00 per day. The expected value of the Extension Charters amounts to approximately $23 million," Perisai said in the company filling.

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