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Malaysia Procurement News Notice - 76212


Procurement News Notice

PNN 76212
Work Detail Dutch floater expert SBM Offshore has sold its stake in one floating, producing, storage, and offloading (FPSO) vessel to its partner MISC Berhad and took full ownership of another in return. SBM Offshore said that it signed two share purchase agreements with MISC. The first relates to the total acquisition of MISC’s equity interest in the lease and operating entities related to the FPSO Espirito Santo in Brazil. The Dutch firm is the majority owner of the FPSO with 51% equity ownership while MISC holds the remaining 49% equity ownership. Following the transaction, ownership of the FPSO will completely go to SBM Offshore. The FPSO is working for Shell under a five-year extension for the lease and operation contracts. The contracts are set to end in December 2028. The Espirito Santo has been working on the Shell-operated BC-10 field in the Campos basin since its conversion from a 1975-built VLCC to an FPSO in 2009. The vessel is designed to process 100,000 bpd of oil and treat up to 45mcfpd of gas for injection or export. Its total storage capacity is around 2m barrels. The second deal between the two companies was the full divestment of SBM’s stake in the lease and operating entities of the FPSO Kikeh in Malaysia to MISC. The FPSO was built in 2007 and was the first and largest deepwater FPSO in Malaysia and Asia as well. It can produce 120,000 bpd and has a storage capacity of 2m barrels. The FPSO is located in Block K, offshore Sabah, Malaysia. PTTEP is the operator of the field which it acquired from Murphy Oil in 2019. MISC and SBM own 51% and 49% of the unit, respectively, which is working under a contract that ends in January 2028. According to SBM, both agreements remain subject to several conditions and approval by various authorities. Financial details of the deals were not disclosed.
Country Malaysia , South Eastern Asia
Industry Energy & Power
Entry Date 09 Sep 2024
Source https://splash247.com/sbm-offshore-and-misc-agree-ownership-swap-on-fpso-pair/

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