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Wednesday, November 14, 2012

Perisai Petroleum's associate secures RM833m Hess contract (STAR)

Perisai Petroleum Teknologi Bhd's 40% owned associate Larizz Petroleum Services Sdn Bhd has secured a contract valued at US$272.10mil (RM833.5mil) to provide its services in the North Malay Basin.

Perisai said on Wednesday the letter of award (LOA) was from Hess Exploration and Production Malaysia BV to provide and lease a floating production storage and offloading facility (FPSO).
The three-year contract includes related operations and maintenance services for Hess's development block in the basin.

It said the LOA included extension options of up to three years where the FPSO would be deployed to fast track the gas production project.

"The FPSO is targeted to be on station from mid-2013 and will be used to support early production activities. The LOA has a value of US$272.10mil (firm contract) with the potential of another US$272.1mil should the full extension be exercise," said Perisai.

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