Friday 29 Mar 2024
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KUALA LUMPUR (Aug 19): Perisai Petroleum Teknologi Bhd's floating production, storage and offloading (FPSO) facility at the North Malay Basin has secured a six-month extension of charter duration. This is worth up to US$45 million (RM180.66 million) depending on the daily average of Brent crude oil price.

In a filing with Bursa Malaysia today, Perisai said its 40%-owned associate company Larizz Petroleum Services Sdn Bhd and Hess Exploration and Production Malaysia BV have agreed to extend the charter duration until May 31 next year.

At the end of the extension period, Hess may exercise its option to further extend the charter on a monthly basis for up to 12 months.

Recall that Hess first awarded Larizz the provision and lease of a FPSO and related operation and maintenance services for the former's development block situated at the North Malay Basin back in November 2012.

The FPSO vessel was deployed to the North Malay Basin Early Production System back in December 2013. The contract covers a three-year charter period valued at about US$272.1 million, with extension options that could add a further three years to the charter duration.

Perisai shares traded unchanged at 23 sen today, giving it a market capitalisation of RM270.51 million.

 

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