PPL Shipyard, a subsidiary of the Singapore-based rig builder Sembcorp Marine, has terminated two contracts with the subsidiaries of the Malaysian oil and gas services provider Perisai Petroleum Teknologi for the construction of two jack-up rigs.
The contracts for the construction of the two rigs were terminated following the expiry of the existing deferment agreements, Sembcorp Marine said on Thursday.
The jack-up rigs were built based on the PPL Pacific Class 400 design. These high specification rigs are capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet. They will be equipped with full hotel services for a complement of 150 persons on board in one-man cabins and two-men cabins.
The company added it continues to actively market the rigs to prospective buyers who have expressed interest in the rigs.
Perisai ordered three rigs of the same PPL Pacific Class 400 design from PPL Shipyard. The first rig and the only one delivered, Perisai Pacific 101, was ordered in May 2012. The delivery was made in June 2014.
The second rig, Perisai Pacific 102 , was ordered in February 2013 and initially scheduled for delivery in mid-2015. The delivery has been postponed several times with August 31, 2017, set as the latest delivery date.
The third rig, Perisai Pacific 103, was ordered in December 2013. The order was worth $211.5 million and the rig was initially scheduled for delivery in the third quarter of 2016.
The delivery of these two rigs has never been made duo to deferral agreements made between the builder and the client.
When it comes to Perisai, the company declared itself insolvent last October amid operating under adverse financial conditions.
Offshore Energy Today Staff