Hess extends contract for Perisai jack-up rig

Business & Finance

Oil company Hess has extended a farm-out deal for a jack-up rig with Malaysia’s Perisai Petroleum Teknologi.

Hess hired Perisai Petroleum’s jack-up drilling rig Perisai Pacific 101 in October 2015 through a farm-out agreement.

Namely, the rig was originally contracted by the Malaysian oil company Petronas Carigali in 2014. In the farm-out deal, it was also agreed that the rig would be reassigned to Petronas following the completion of the contract with Hess.

Perisai said in its Bursa Malaysia filing last week that the farm-out extension started on June 23, 2016 and will continue for a duration of up to fifty four days, the last day being August 15, 2016. At the end of the farm-out extension, the PP101 will be reassigned to Petronas Carigali to support its drilling operations.

Assuming the whole duration of the extension is utilized, the value is approximately $5.3 million, Perisai said.

Jack-up rig Perisai Pacific 101, of a Pacific Class 400 design, was delivered in 2014 from Sembcorp Marine’s PPL Shipyard.

The rig is designed and equipped to drill high-pressure and high-temperature wells as deep as 30,000 feet. It is capable of operating in water depths of up to 400 feet and can accommodate a crew of 150.

Offshore Energy Today Staff