Icon Offshore buys RM177mil drilling rig


StarBiz reported in July that Icon was in talks with Perisai Petroleum Teknologi Bhd to acquire its subsidiary that owns and operates a drilling rig.

KUALA LUMPUR: Icon Offshore Bhd has entered into a US$42.54mil (RM177mil) cash deal to buy the jack-up drilling rig Perisai Pacific 101.

StarBiz reported in July that Icon was in talks with Perisai Petroleum Teknologi Bhd to acquire its subsidiary that owns and operates a drilling rig.

Icon, in a filing with Bursa Malaysia yesterday, said wholly-owned unit Icon Fleet Sdn Bhd had on Oct 2 entered into a memorandum of agreement with seller Perisai Pacific 101 (L) Inc, Oversea-Chinese Banking Corp Ltd and PPTB for the purchase of the rig.

Icon Fleet also entered into a share sale agreement with PPTB for the purchase of a 51% stake in Perisai Offshore Sdn Bhd.

The deal also includes the deed of purchase and assignment of intellectual property with Perisai Drilling Sdn Bhd, Perisai Drilling Holdings Sdn Bhd and PPTB.

“The proposed acquisitions will provide the Icon group an opportunity to own and operate the rig, and run the offshore drilling business as a stand-alone model i.e. chartering it out for drilling, exploration appraisals and development, which, upon the completion of the proposed acquisitions, will serve to provide the enlarged Icon Group with an additional source of income, ” it said.

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