M3nergy News

M3nergy Berhad celebrated the completion of their latest FPSO vessel, Ratu Nusantara, at a launch ceremony at the Keppel Shipyard in Singapore. Under the auspices of SKK Migas and PC Ketapang II Ltd (PCK2L), the newly named vessel will embark on its inaugural voyage for the Bukit Tua oil and gas field in Indonesia operated by PETRONAS. Ratu Nusantara, a converted FPSO, has been constructed from a 1994-built Aframax tanker, 'Scorpius' which was meted out in the last quarter of 2013.

International law firm Watson, Farley & Williams Asia Practice LLP (WFW) said it advised a joint venture involving M3nergy and PT Transamudra as sponsors on a $182 million term facility and $38.4 million guarantee facility. The funds will finance the floating production, storage and offloading facility named FPSO Ratu Nusantara. The FPSO Ratu Nusantara is scheduled for operation by Petronas Carigali in the Bukit Tua oil and gas field in the Ketapang block, offshore Madura Island, East Java, Indonesia. Partner Andrew Nimmo led the WFW Asia Practice team for this deal, assisted by senior associate Shawn Er. M3nergy is an emerging exploration and production company headquartered in Malaysia.

Keppel Shipyard Ltd (Keppel Shipyard) has secured two Floating Production Storage and Offloading (FPSO) conversion contracts from repeat customers worth a combined value of S$190 million. These contracts are from SBM Offshore N.V. (SBM Offshore) and M3nergy Offshore Limited (M3nergy Offshore). Mr Michael Chia, Managing Director (Marine & Technology), Keppel Offshore & Marine (Keppel O&M), said, "The award of these contracts from our repeat customers affirms their confidence in us.

Keppel Shipyard Ltd will be completing the conversion of the Floating, Storage and Offloading (FSO) vessel, Ratu Songkhla, for M3nergy JDA Sdn Bhd. Speaking at its naming ceremony, Mr Tong Chong Heong, CEO of Keppel Offshore & Marine, Keppel Shipyard’s parent company said, “The excellent team work between M3nergy and Keppel Shipyard has enabled us to deliver FSO Ratu Songkhla within six months, and without any lost-time incidents. Formerly a 1989-built Panamax tanker, the vessel arrived at Keppel Shipyard in February this year for her conversion.

Keppel Offshore & Marine has secured $222.5m dollars worth of contracts through its subsidiaries for the conversion of a floating storage and offloading vessel (FSO), the construction of an internal turret, the refurbishment and outfitting of a semi-submersible multi-service vessel as well as the fabrication, installation and integration of topside process modules for a Floating Production Storage and Offloading vessel (FPSO). The first contract is for the conversion of a FSO by Keppel Shipyard for M3nergy JDA Sdn Bhd.

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.

Wärtsilä Corporation acquires the entire business of Total Automation Ltd, a Singapore-based public marine automation company, and all Total Automation's shares in its subsidiaries at a price of approximately EUR 61.6 million. Total Automation had sales of EUR 38.5 million in 2004 and has consistently generated EBIT margins in excess of 15%. In addition to general marine automation, Total Automation has a strong foothold within the offshore and LNG sectors. The company focuses on refit projects and service work. The customers are multinational companies, shipyards and ship owners. The transaction complements Wärtsilä's earlier electrical and automation acquisitions in Europe and North America.