Emas Offshore Extends Charters with Perisai's Subsidiary for 3 OSVs

Malaysia's Perisai Petroleum Teknologi Berhad reported Monday that Intan Offshore Group, comprising of its 51 percent unit Intan Offshore Sdn Bhd and its subsidiaries, has secured a two year extension to the bareboat charters for three of its offshore support vessels (OSV) from Emas Offshore Pte Ltd.

The charter option was included as part of the bareboat charter inked between the parties Sept. 18, 2012 when Emas Offshore contracted the three OSVs -- Sarah Gold, Sarah Jade and Bayu Pearl -- for three years commencing Sept. 1, 2012 and expiring Aug. 31.

The terms for the extension of the bareboat charters remain unchanged except for the new expiration date which will now be Aug. 31, 2017, Perisai said in a filing with local stock exchange Bursa Malaysia.

The total daily charter rate for the extension charters, payable to the Intan Group, is $5,000.00 per day and the expected value of the contract is approximately $3.65 million.

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