KUALA LUMPUR: PERISAI PETROLEUM TEKNOLOGI [] Bhd has proposed to acquire Garuda Energy (L) Inc, owns a jack-up rig, for US$70 million (RM210 million) in cash and new shares.
Perisai said on Tuesday, March 29 the acquisition would be via US$50 million cash and new Persai shares at 65 sen per share for the remaining US$20 million.
Garuda Energy, a Labuan company, owns a jack-up rig, which is being converted into a Mobile Offshore Production Unit (MOPU) at Jurong Shipyard in Singapore and is expected to be completed by May 2011.
Perisai said Gryphon Energy (M) Sdn Bhd, which recently secured a contract to lease, operate and maintain a MOPU for a two years with an option of one plus one year.
Under the plan, Garuda Energy would enter into a bareboat charter agreement with Gryphon Energy for the supply of the MOPU.
A bare boat charter arrangement of the MOPU with Gryphon Energy is expected to be generating revenue of approximately US$25 million per annum.
Perisai said on Tuesday, March 29 the acquisition would be via US$50 million cash and new Persai shares at 65 sen per share for the remaining US$20 million.
Garuda Energy, a Labuan company, owns a jack-up rig, which is being converted into a Mobile Offshore Production Unit (MOPU) at Jurong Shipyard in Singapore and is expected to be completed by May 2011.
Perisai said Gryphon Energy (M) Sdn Bhd, which recently secured a contract to lease, operate and maintain a MOPU for a two years with an option of one plus one year.
Under the plan, Garuda Energy would enter into a bareboat charter agreement with Gryphon Energy for the supply of the MOPU.
A bare boat charter arrangement of the MOPU with Gryphon Energy is expected to be generating revenue of approximately US$25 million per annum.
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