M3energy to acquire Bertam FPSO offshore Malaysia

Offshore staff

STOCKHOLM, SwedenLundin Petroleum has agreed to sell the FPSO serving its Bertam oil field offshore peninsular Malaysia to M3nergy Investment for $265 million.

The transaction involves Lundin transferring the 100% issued share capital of Lundin Services which owns the vessel.

Completion remains subject to finalization of M3nergy’s external financing, but is expected to go through during the current quarter.

Last year Lundin completed an upgrade and life extension program on the FPSO which began operating in April on block PM307. The company operates in partnership with Petronas Carigali.

M3nergy Berhad, an integrated service provider to the oil and gas industry in Southeast Asia, is a subsidiary of the Sabah Development Bank Berhad in Malaysia, in turn owned by the Ministry of Finance of the State of Sabah.

Lundin president and CEO Alex Schneiter said: “Owning infrastructure assets is not part of Lundin Petroleum’s core strategy and this transaction will allow us to redeploy this capital into other areas of our business to fund our value-driven growth.”

01/22/2016

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