Implemented in Update 8.2. It gives 7% of ice protection, but increases damage taken from energy by 7%. It is only available for Paladins.
It was a very rare loot from Sea Serpents, but it got removed in a later patch. There is plenty of them around, but in some game worlds this item became very rare. Now, it only can be looted by Ghazbaran and Leviathan, making this armor a valuable item. The value varies depending on game world.