Perisai Petroleum Teknologi Bhd, through its wholly-owned subsidiary, Perisai (L) Inc, has signed a rig construction
contract with PPL Shipyard to construct a Pacific Class 400 jack-up drilling rig at a cost of US$208 million (US1=RM3.0545).

The rig is expected to be completed and delivered by the end of July 2014, the company said in a statement today. Additionally, Perisai (L) Inc has been granted an option by PPL Shipyard to
construct an additional unit of a similar specification jack-up rig for delivery in the second quarter of 2015.

The price for the option rig is US$210 million but is subject to a revision, should the cost escalate. Perisai Petroleum Managing Director Izzet Ishak said the construction of the jack-up drilling rig represented a significant event for the group.

"We're excited by this new class of asset as it represents our entry into the offshore drilling segment, specifically in Malaysia and broadly in the Asia Pacific region," he said.

Izzet said the rig's high specifications matched the industry's best standards with regards to, among others, water and drilling depths and load-handling capacity of drillpipes.

The Pacific Class 400 jack-up drilling rig is a high-specification latest generation jack-up rig capable of operating in water depths of 400 feet and drilling to depths of 30,000 feet.

The rig's maximum drill centre is cantilevered at 75 feet aft and it has a derrick hook load capacity of 1,500,000 lbs. The rig is equipped with full hotel services for a complement of 150 men on board in one-man cabins and two-man cabins. -- Bernama