Malaysian energy-based logistics and maritime solutions provider MISC Berhad announced Friday in a filing with local stock exchange Bursa Malaysia that the firm has completed the proposed acquisition of the remaining 50 percent equity stake in Gumusut-Kakap Semi-Floating Production System (L) Ltd. (GKL) that it does not own for $445 million from E&P Venture Solutions Co. Sdn Bhd (EPV).
"The share purchase agreement dated Feb. 24, 2016 entered into between MISC and EPV in relation to the Proposed Acquisition ... has been completed, and GKL has become a wholly-owned subsidiary of MISC," according to the announcement.
GKL owns the Gumusut-Kakap semisubmersible floating production system (FPS), which is now on a 25 year charter with Sabah Shell Petroleum Co. -- a unit of Royal Dutch Shell plc. -- that commences October 2014. The offshore production facility is in operations at the deepwater Gumusut-Kakap field offshore Sabah, Malaysia and can produce 150,000 barrels of crude oil per day from subsea wells, while equipped for 300 million cubic feet per day gas injection and 225,000 barrels of water per day water injection.
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