Further to the Company’s announcement dated 22 August 2017, the Board of Directors of PERISAI wishes to announce that Perisai Drilling Sdn Bhd, the Company’s sub-subsidiary had on 13 October 2017 been served with a Writ of Summons and Statement of Claim dated 9 October 2017 from Skrine acting on behalf of the Plaintiffs demanded for the sum of RM13,682,059.93 due and owing to the Plaintiffs.

The Plaintiffs claim the following from the Defendant:-

a)        Total sum of RM13,682,059.93 (continuing losses);

b)        Interests at the rate that the Honourable Court deems fit and proper on the sum so awarded to the Plaintiffs from 5 September 2016 to the date of the decision;

c)         Interest at the rate of 5% per annum from the date of the decision to the date of full payment of the judgment sum;

d)        Costs; and/or

e)        Such further and other reliefs as the Honourable Court may deem just.

The circumstances leading to the filing of the Writ of Summons and Statement of Claim against Defendant, alleging a sum of RM13,682,059.93 being the Defendant had failed to use reasonable care and skill to ensure mooring of the Perisai Pacific 101 (“Rig”) within the Kemaman Port.

The Company is not expected to incur any further loss arising from the Writ of Summons and Statement of Claim.

The writ of Summons and Statement of Claim will not have any financial or operational impact on the Group and the Company will seek the necessary legal advice on the above matter. The Company had duly notified its insurer regarding the claim.

Further announcements on any material development on the above will be made to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 13 October 2017.