KUALA LUMPUR (June 14): Practice Note 17 (PN17) firm Perisai Petroleum Teknologi Bhd said its 51%-owned unit has won a US$20 million (RM83.37 million) drilling contract from Petronas Carigali Sdn Bhd.

The contract awarded to Perisai Offshore Sdn Bhd is in relation to the high specification jack-up rig — which is capable of operating in water depth of 400 ft and with a drilling depth capability of 30,000 ft — for Petronas’ Samarang drilling campaign.

The contract is estimated to commence between August and September, said Perisai Petroluem, adding that the five wells will be completed in approximately 200 days.

The company said the the provision of the services is expected to contribute positively towards Perisai Petroluem’s earnings and net assets during the contract period for the financial year ending June 30, 2020.

Perisai Petroleum triggered the PN17 status in October 2016 after its wholly-owned subsidiary Perisai Capital (L) Inc defaulted in principal and interest payment for a S$125 million bond.

The company, whose shares were last done at 0.5 sen apiece since its January suspension, has until Dec 31 to submit its new regularisation plan for the approval of the authorities.