KUALA LUMPUR (Oct 6): Perisai Petroleum Teknologi Bhd said the indicative offer of financing with respect to the S$125 million (RM377 million) notes pursuant to its S$700 medium term notes (MTN) will be issued soon.

The offshore oil rig contractor told Bursa Malaysia that there is no confirmed time frame for the indicative offer of financing from the financial institution at this point of time.

On Monday, Perisai said its bondholders have voted against its proposal to extend the maturity of the S$125 million bond to Feb 3, 2017.

Perisai and its joint venture partner EMAS Offshore Ltd were in discussion with the financial institution to procure a formal letter of offer from the financial institution subject to satisfaction of certain conditions, according to Perisai. EMAS Offshore owns an 11.8% stake in Perisai.

"As part of the indicative financing package above, EMAS Offshore and Perisai are in discussion and working towards resolving various issues amongst themselves, including a put option that was granted by EMAS Offshore to the company over its 51% shareholding in SJR Marine (L) Ltd," it added.

According to its earlier filing dated Oct 3, Perisai said it will earmark about US$20 million (RM82.46 million) out of a financing package it is close to securing towards a mutually acceptable resolution with the company's noteholders regarding the notes.

The fund, according to Perisai, is the indicative offer of financing from a financial institution the company and EMAS Offshores are close to securing.

Perisai's announcement today was a response to a query by Bursa with regards to S$125 million 6.875% notes pursuant to the S$700 million multicurrency MTN issued by Perisai Capital (L) Inc, a wholly-owned subsidiary of Perisai.

The bourse inquired about the time frame for the indicative offer of financing made to Perisai and Emas Offshore from the financial institution.

The regulator also asked for clarification whether the company has defaulted in payment of either interest, principal sums, or both, in respect of the MTN and if so, to state the relevant information as per required under Paragraph 9.19A of the Main Market Listing Requirement.

Shares in Perisai were actively traded today. The counter fell one sen or 11.76% to close at 7.5 sen, for a market value of RM94.54 million.