Icon Offshore acquired Perisai Pacific 101 Jack up rig

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Icon Offshore acquired Perisai Pacific 101 Jack up rig

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Icon Offshore has announced on 2 October 2020 that the entity has entered into an agreement with Perisai Pacific 101 (L) Inc as seller to acquire Perisai 101 Jack up rig for a sum of USD 41.79 Million. In addition, Icon Offshore has agreed to purchase 51000 shares in Perisai Offshore Sdn Bhd (POSB) representing a 51% shareholding in the entity for a sum of USD 255,0000. Icon Offshore has also agreed to pay a sum of USD500,000 for Intelectual Property that came with the rig acquisition to Perisai Drilling Snd Bhd (PDSB)

Background information of the rig:

Design : Pacific Class 400
IMO no. : 9662538
Type : Jack-up rig – independent leg jack up
Year built : 2014 – PPL Shipyard Pte Ltd, Singapore
Port registry : Port Kelang
Classification : ABS
Class notation : +A1 self-elevating drilling unit
Dead weight tonnage : 3,400 metric ton
Gross register tonnage : 10,501 metric ton
Living quarters : 150 pax
Registered owner : PP101, a wholly-owned subsidiary of PDHSB, which in turn is a wholly-owned subsidiary of PPTB
Net book value : USD110,916,282 based on the audited financial year ended (“FYE”) 30 June 2019

The basis and justification of arriving at the Sale Price

The Sale Price was arrived at on a “willing-buyer willing-seller” basis, taking into consideration the following:
(i) the fair value of the Rig as at 21 August 2020 ranging from USD54,000,000.00 to USD63,000,000.00, as appraised by AqualisBraemar ASA (“Valuers”), an independent firm appointed by the Company; and
(ii) the earnings potential of the Rig to the Icon group of companies (“Icon Group”)
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