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 were plenty of them around, but in some game worlds this item became very rare. After it could only be looted by Ghazbaran and Leviathan, it became a valuable item.
This item was implemented in game as loot of a Sea Serpent, though this is not the case anymore, making this item much more rare.