Lundin Petroleum AB has entered into an agreement to sell the FPSO Bertam to M3nergy Investment Ltd, a wholly owned subsidiary of M3nergy Berhad of Malaysia. Lundin Petroleum will receive a cash consideration of USD 265 million, based on a transaction effective date of 1 January 2016.
Lundin Petroleum and M3nergy have entered an agreement under which Lundin Petroleum will sell to M3nergy the 100 percent issued share capital of Lundin Services Limited which owns the FPSO Bertam. The agreement remains subject to certain completion conditions, including finalisation of M3nergy's external financing. The transaction is expected to complete during the first quarter of 2016.