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Perisai Pacific 101 sold to Icon offshore for $41.8 million

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  • By Rig Lynx
  • Oct 05, 2020
  • Category : Archives
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On behalf of the Board of Directors of Icon (“Board”), KAF Investment Bank Berhad (“KAF IB”) wishes to announce that Icon’s wholly-owned subsidiary, Icon Fleet, had on 2 October 2020, and entered into the following agreements and deed:

  • memorandum of agreement with PP101 (as seller), OCBC Labuan and a branch of OCBC Singapore (acting as attorney of PP101) and PPTB (as warrantor) for the purchase of the Rig (“MOA”) by the MOA Purchaser;

  • share sale agreement with PPTB (as vendor) for the purchase of the Sale Shares (“SSA”) by the SSA Purchaser; and

  • deed of purchase and assignment of intellectual property with PDSB (as assignor), PDHSB and PPTB (collectively as warrantors) for the purchase and assignment of the Assigned Intellectual Property (“Deed of Purchase & Assignment”) by the Assignee, (collectively, “Transaction Documents”), for the Proposed Acquisitions for a total cash consideration of USD 42,545,000.00 to be satisfied entirely in cash upon the terms and conditions as set out in the Transaction Documents. In conjunction with the Proposed Acquisitions, the Company intends to seek its shareholders’ approval to vary the utilisation of proceeds arising from the Rights Issue of Shares with Warrants (as defined herein) previously undertaken by Icon to facilitate the Proposed Acquisitions

Further details on the Proposals are set out in the ensuing sections.

Background information on the Proposed Rig Acquisition

  • The Proposed Rig Acquisition shall entail MOA Purchaser acquiring 1 unit of jack-up drilling rig registered with the Registrar of Malaysian Ships at Port Klang named “Perisai Pacific 101” and bearing registration no. 335537, International Maritime Organisation (“IMO”) no. 9662538, including but not limited to, all machinery, engines, equipment, tools, supplies, cables, pumps, furniture, anchors, electrical, mechanical, chemical, hydraulic, real properties and improvements and other systems actually located thereon, incorporated therein or attached thereto or relating thereto together with all ancillary assets and/or spare parts or critical spares including the items and equipment identified in the MOA (“Rig”) from the Seller for an adjusted sale price of USD 41,790,000.00 pursuant to the reduction to the sale price of USD 44,245,000.00 (“Sale Price”) subject to the adjustments as stipulated in Section 2 of Appendix I of this announcement, to be satisfied entirely in cash.

  • The Proposed Rig Acquisition is subject to the terms and conditions of the MOA. Please refer to Appendix I for the salient terms of the MOA.

Source: Bursa Malaysia

 

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