Sweden's Lundin Petroleum AB's proposed sale of FPSO Bertam, currently operating at Bertam field in Block PM307 offshore Peninsular Malaysia, to M3nergy Berhad has been terminated, the company said Wednesday in its half year report that ended June 30.
The termination follows the failure of M3nergy to secure the necessary financing for the acquisition of the floating production storage and offloading (FPSO) facility within a certain timeline.
Lundin entered into an agreement Jan. 22 to sell FPSO Bertam to M3energy Investment Ltd., a wholly-owned subsidiary of M3nergy.
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