The FPSO contract awarded to its unit Larizz

PETALING JAYA: Perisai Petroleum Teknologi Bhd has clinched a contract to provide and lease a floating production storage and offloading facility (FPSO) and related operations including maintenance services for Hess Exploration and Production Malaysia BV's development block at the North Malay Basin.

The contract was awarded to Larizz Petroleum Services Sdn Bhd in which Perisai has a 40% stake and is valued at US$272.1mil (RM833.3mil) with a potential of an additional US$271.1mil (RM830.24mil) should a full extension be exercised.

This contract is expected to contribute positively to Perisai's financial position for the periods comprised in the duration of the contract.

Perisai said that its managing director Zainoal Izzet Ishak is also a director of Larizz and holds 60% of Larizz's issued share capital. The company also noted that Ezra Holdings Ltd through Emas Offshore (M) Sdn Bhd and HCM Logistics Ltd which holds 16% of Perisai's issued share capital also owns 45.7% of the EOC Ltd Group.

EOC Ltd is a Singapore-based FPSO and offshore construction contractor listed on the Oslo Stock Exchange in Norway.

EOC is an oil and gas construction and production services company that supports the post-exploration phases of offshore oil and gas fields' life cycle.

Larizz, which acts on behalf of the principal for this project EOC Ltd and its group of companies, is the owner of the Lewek Arunothai, the FPSO that will be the main asset for the production solution for Hess, a filing with Bursa Malaysia showed.

“The terms of the letter of award provide for a firm charter duration of three years with an extension options for up to three years.

“It will require the Lewek Arunothai to be deployed, operated and maintained as part of a fast-track gas production project in the North Malay Basin, Malaysia,” Perisai said.

The Lewek Arunothai was delivered as the EOC's inaugural FPSO vessel in 2008 and had recently concluded its contract with PTT Exploration and Production Public Company Ltd, Thailand's national oil firm in Nov 2011.

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