Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


Petronas Carigali, MISC Enters into Semi-FPS JV

change text size

Malaysia's MISC confirmed Friday that it will be selling a 50 percent stake of Gumusut-Kakap Semi-Floating Production System (GKL) to Petronas Carigali for $307.5 million, following an approval obtained from its shareholders on the proposed transaction.

MISC had earlier noted in a statement on Oct. 5 - when it disclosed its intent to sell its stake in GKL - that the disposal of the equity would be used to pare down the company's debts.

"This initiative will enable MISC to monetize an asset currently held under construction whilst having joint control and interest in GKL to benefit from future cash flows once the Gumusut-Kakap Semi-FPS is operationalized," MISC's President and CEO Datuk Nasarudin Md Idris had said in the statement published in October.

The semi-FPS, scheduled for delivery by mid-2013, will be able to produce 150,000 barrels of crude oil per day from subsea wells. The facility - Asia's first deepwater semi-FPS - will be installed in waters 3,937 feet (1,200 meters deep), offshore Sabah.

MISC is an energy-focused maritime company with a strong affiliation to its parent company Petronas.

MISC was this year involved in an accident in Labuan Sabah, where one of its tankers exploded at Petronas Methanol terminal jetty. Malaysian authorities told local press Tuesday that a full report of the incident will be made public in February next year.


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Field Technician with Electrical experience
Expertise: Electrician|Field Service Tech|Welder / Fitter / Turner
Location: Medina, OH
Technical Sales Engineer
Expertise: Business Development|Reservoir Engineering
Location: 11111 Richmond Avenue Suite 142, Houston, TX
Business Development Manager
Expertise: Business Development|Reservoir Engineering
Location: Houston, TX
search for more jobs