The Malaysian Reserve

Perisai postpones rig deliveries to Aug 31 this year

(Graphic by TMR)

By AYISY YUSOF

Cash-Strapped Perisai Petroleum Teknologi Bhd has mutually agreed with PPL Shipyard Pte Ltd to further extend the delivery date again for the Pacific Class 400 jack-up drilling rigs, namely the Perisai Pacific 103 and Paci c 102.

In an exchange filing yesterday, the upstream company noted the original delivery date for the Perisai Pacific 103 was on July 30, 2016, but it has now been extended to Aug 31, 2017.

All other contractual provisions remain the same. Perisai and PPL have also agreed to defer the delivery date of Perisai Pacific 102 to Aug 31, 2017, from the original date of Oct 31, 2016.

The parties also agreed to take the opportunity to seek and evaluate any options that may arise during this period of further deferment.

“The further deferment would not have any financial impact on its share capital and the suspension of cost would have a positive impact to the group’s financial position,” Perisai said.

The offshore drilling is currently facing soft market conditions globally and the further deferment is in the best interest of the company, it noted.

For the three-month period ended March 31, 2017, Perisai recorded a net loss of RM65.3 million and revenue of RM46.13 million due to the depreciation charged of about RM28.1 million for assets which are held for sale in the previous quarters.

The loss was also attributable to unrealised loss of about RM12.65 million as reflected in the operating expenses and provision of demobilisation cost of RM18.95 million in the one of the joint venture entities.

Moving forward, Perisai noted it expects demand for the oil and gas assets in the short-to-medium term to remain challenging.

“The contract for Perisai Kamelia and eight offshore support vessels will be expiring in May 2017 and Aug 2017 respectively. We are pursuing various opportunities for all our assets,” it noted in its exchange filing recently.