Malaysia's Perisai Petroleum Teknologi Bhd disclosed Friday that its 51 percent subsidiary, Perisai Offshore Sdn Bhd, PETRONAS Carigali Sdn Bhd (PCSB) and HESS Exploration and Production BV have agreed to an extension of the farm-out of jackup Perisai Pacific 101 (400' ILC) .
According to Perisai's company filing with local exchage Bursa Malaysia, the farm-out extension to HESS is valued at approximately $5.3 million.
The company said Thursday that the farm-out extension would commence June 23 for a duration of up to 54 days until Aug. 15. Perisai Pacific 101 will then be reassigned to PCSB, the upstream arm of Malaysia's national oil company Petroliam Nasional Berhad, to support its drilling operations.
In April 2014, 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.
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