Lundin sells FPSO to M3nergy for $265m

Lundin sells FPSO to M3nergy for $265m

Sweden’s Lundin Petroleum has entered into an agreement to sell FPSO Bertam to Malaysia’s M3nergy for $265m.

The sale is effective January 1 subject to conditions, including M3nergy finalising external financing for the acquisition, and is expected to be completed before the end of March.

Alex Schneiter, president and CEO of Lundin Petroleum, commented: “We are very pleased to be doing this deal with M3nergy, an experienced Malaysian FPSO owner. Owning infrastructure assets is not part of Lundin Petroleum’s core strategy and this transaction will allow us to redeploy this capital into other areas of our business to fund our value driven growth.”

The 1971-built FPSO is currently operating at the Bertam field offshore Malaysia.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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