Perisai Petroleum unit inks deal to demobilise vessel for RM2.4 million

PETALING JAYA: Perisai Petroleum Teknologi Bhd, which is in the midst of working on its plan to regularise its financial condition, said its unit Emas Victoria (L) Bhd (EVLB) has entered into an agreement with Emas Offshore Construction and Production Pte Ltd (EOCP) for the demobilisation of "Perisai Kamelia" vessel from the North Malay Basin.

The group said in a filing with the stock exchange that the estimated total fee payable by EVLB to EOCP under the agreement amounts to US$545,319 (RM2.4 million).

EVLB is a jointly controlled company between Perisai's wholly-owned subsidiary Perisai Production Holdings Sdn Bhd and Emas Offshore Ltd (EOL).

The agreement is for the provision of project management, engineering and project support services for the demobilisation of the floating, production, storage and offloading (FPSO) vessel "Perisai Kamelia" from the North Malay Basin, up to the point of layup to the FPSO at a designated layup location.

EOL is the holding company of EOCP and the ultimate holding company is Ezra Holdings Ltd , which is an indirect substantial shareholder of Perisai. Hence, this is deemed as a related party transaction.

Meanwhile, Perisai said in a separate announcement that the details of its proposed scheme of arrangement, which will be issued to the scheme creditors, will be announced in due course.