Perisai Farms-Out Contract for Perisai Pacific 101 Jackup to Hess

Malaysia's Perisai Petroleum Teknologi Bhd reported Friday that its 51 percent subsidiary Perisai Offshore Sdn Bhd has reached an agreement with PETRONAS Carigali Sdn Bhd (PCSB) -- the upstream division of national oil company Petroliam Nasional Berhad (PETRONAS) -- and HESS Exploration and Production Malaysia BV to farm-out the contract for the jackup Perisai Pacific 101 (400' ILC) to the latter.

The farm-out, costing $26.9 million, commenced Sept. 23 and will cover a duration of nine months, with HESS holding an option to extend the deal for another one month. The Perisai Pacific 101 jackup will be reassigned to PCSB to support its operations after the expiry of the farm-out to HESS.

"All conditions relating to the disclosure of the Farm-Out has been secured today," Perisai Petroleum Teknologi said in a filing with local stock exchange Bursa Malaysia.

Perisai Offshore clinched a three year $158 million contract from PCSB to supply Perisai Pacific 101, which was built by PPL Shipyard Ltd. in Singapore, in April 2014.

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