M3nergy bags RM954m FSO lease

abarrelfullabarrelfull wrote on 12 Sep 2014 09:22

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5 Feb 2008

M3NERGY Bhd has secured a US$298 million (RM954 million), contract from Carigali PTTEPI Operating Company SdnBhd (CPOC) to lease a Floating, Storage and Offloading Facility (FSO).

The lease period is for 16 years with an option for an extension up to 20 years, and CPOC has the option to purchase the FSO within the first 10 years of the contract period.

M3nergy said a double hull Panamax tanker will be modified and converted to the FSO which will have an oil storage capacity of around 550, 000 barrels and a single point turret mooring system.

The FSO is expected to commence operations in the Joint Development Area Block B-17 Field Development Project in Thailand during the third quarter of 2009.

The contract also requires M3nergy to provide engineering, procurement, conversion, installation, commissioning, operation and maintenance services to the FSO.

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