Perisai Petroleum Teknologi Bhd through its 51 per cent subsidiary, Perisai Offshore Sdn Bhd has announced its recently secured supplementary contract worth US$47 million (RM202.06 million) for the provision of the jack-up drilling rig PP101 for Petronas Carigali Sdn Bhd (PCSB).
In an exchange filing today, the upstream oil and gas service provider said the value of the extended contract was secured on May 8, 2014, for the duration of three years.
Perisai Offshore and PCSB have agreed to extend the duration of the contract based on a formula agreed between Perisai Offshore and PCSB, which is primarily dependent on the prevailing market rate for the daily charter.
“Unless there are changes to the prevailing market rate, the contract is expected to be extended for a period of about 20 months,” it said.