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Petronas Carigali, MISC Enters into Semi-FPS JV

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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.
 

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