Icon Offshore, through its new subsidiary company, POSB has secured a drilling contract for the provision of of one (1) jack-up drilling rig namely Perisai Pacific 101 (“PP101 Rig”), from Petrofac (Malaysia-PM304) Ltd
POSB is a new subsidiary which was recently acquired by ICON, via the completion of 51% shares acquisition from Perisai Petroleum Teknologi Berhad. These acquisitions by ICON also include the acquisition of PP101 Rig and purchase and assignment of intellectual property to operate the said rig.
Previously, ICON Offshore enters deal to acquire Perisai rig
In a statement to Bursa Malaysia, the Group said POSB has recently received a letter of award (“Award”) from PETROFAC for their drilling program. The expected commencement is in April 2021 for a primary period of 180 days with firm eight (8) wells, and with an optional three (3) wells extension.
The Award value is approximately USD13.3 million (RM53.85 million) and is expected to contribute positively to the earnings, order book and net assets of ICON for the financial year ending 31 December 2021
Petrofac (Malaysia-PM304) Ltd is one of oil and gas producer in Malaysia, mainly in Peninsular Malaysia operating block PM304 which include Chendor and West Desaru field. Read here for list of oil and gas producer (PACs) in Malaysia
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