Lundin Petroleum said it has struck a deal to sell the FPSO Bertam to M3nergy Investment for $265million.
The company said the deal is subject to certain completion conditions, including finalisation of M3nergy’s external financing.
The transaction is expected to be complete in the first quarter of this year.
It comes after Lundin completed an extensive upgrade and life extension on the FPSO Bertam last year.
The FPSO is now operating on the Bertam field in Block PM307.
Lundin Petroleum is the operator of the Bertam field with a 75 percent working interest, with Petronas Carigali holding the remaining 25 percent working interest.
Alex Schneiter, chief executive of Lundin, said: “We are very pleased to be doing this deal with M3nergy, an experienced Malaysian FPSO owner. 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.”
Earlier today BW Offshore said its contract with Ithaca Energy for the BW Athena had been terminated.
It comes after another of its units was awarded a contract extension in New Zealand.
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