Malaysia International Shipping Company (MISC) has entered into a conditional share purchase agreement with E&P Venture Solutions Co Sdn. Bhd. (EPV) to acquire the remaining 50% equity interest in Gumusut-Kakap Semi-Floating Production System (L) Limited from EPV, for a cash consideration of US$445.0 million.

The Gumusut-Kakap Semi-FPS, which is currently on a 25 year charter with Sabah Shell Petroleum Co. at the deepwater Gumusut-Kakap field offshore Sabah, Malaysia, has a process facility capable of producing 150,000 barrels of crude oil per day from subsea wells and is capable of 300 million cubic feet per day gas injection and 225,000 barrels of water per day water injection.

Tags: Malaysia International Shipping Company