Crest Petroleum Bhd has entered into a Memorandum of Agreement on April 17 2002, with Pan Holding Inc. to buy the hull of the semisubmersible, Pan Producer. The purchase consideration of US $1.75 million (RM6.46m) to be sourced from internal funding, was arrived at on a willing buyer willing seller contracting at arms length basis, the company said in a statement. The completion date for the MoA is fixed for May 18, 2002.
The Pan Producer was built in 1969 in Le Havre, France and operated as a semisubmersible drilling rig for over 20 years. It has been stacked in Sabine Pass, Texas since 1996.