M3nergy to Expand Facilities

Oil and gas field services provider M3nergy Bhd says it may expand its floating, production, storage and offloading (FPSO) facilities in the future when opportunities open up in its exploration and production division. The company currently owns and operates one FPSO facility. It also operates a floating, storage and offloading (FSO) facility for Carigali Hess Operating Co Sdn Bhd. M3nergy has a 30% interest in the consortium that was awarded the Cluster 7 service contract for a period of 13 years in March 2006. The FPSO facility reportedly would cost up to $150m and the company might look for partners to share in the acquisition cost. Owning three FPSO facilities would put M3nergy in the top 10 league of companies in the world that own such facilities. [Source: http://biz.thestar.com.my]