July 2014 picture shows a Perisai Petroleum Teknologi Bhd maiden jack-up drilling rig, Perisai Pacific 101 at PPL Shipyard in Singapore -
PETALING JAYA: Beleaguered bondholders of Perisai Petroleum Teknologi Bhd can breathe a sigh of relief after the company said it has reached a “final” settlement with its Singaporean partner over a US$43mil (RM192mil) put option in a joint venture.
Perisai said on Friday it would use most of the initial proceed of US$20mil (RM89.5mil) from the settlement to pare down its borrowings. The oil services firm, which is classified as a Practice Note 17 (PN17) affected company, had defaulted on S$125mil (RM386mil) debt notes due on Oct 3 and is in the midst of restructuring its debts.
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