Shareholders in Singapore’s Ezra Holdings have voted overwhelmingly in support of selling the majority of the company’s interest in PV Keez, the single-purpose company that owns the floating production, storage and offloading (FPSO) unit FPSO Lewek EMAS.
The buyer, PetroFirst Infrastructure 2, signed a binding agreement in early July to purchase PV Keez from its joint owners Ezra and EMAS Offshore Production Services (Vietnam), which is part of Oslo-listed EMAS Offshore.
PetroFirst Infrastructure is paying around $166,345,000, mostly in cash, for around an 80% stake in PV Keez’s ordinary shares, with options for more.
The buyer is a joint venture between oil and gas industry service provider Petrofac and First Reserve, a private equity firm that specialises in energy infrastructure investment.
FPSO Lewek EMAS (pictured) is currently chartered to Premier Oil Vietnam Offshore at the Chim Sao field in offshore southern Vietnam.
Ezra announced the divestment plan in April, saying the sale was part of its strategy to move away from ownership of FPSOs and would strengthen its financial position.
