Report: Petrofac takes over Lewek Emas FPSO

UK’s offshore services provider Petrofac has reportedly completed the takeover of the Lewek Emas FPSO.

The sale of the FPSO was previously agreed in principle, between Emas Offshore and PetroFirst.

PetroFirst is a joint venture between First Reserve, a global, private equity and infrastructure investment firm focused exclusively on energy, and Petrofac, an international service provider to the oil & gas production and processing industry quoted on the London Stock Exchange.

The news of the completion of the transaction comes from the specialized website Vessels Value.

According to the website, the transaction for the 1978-built FPSO was completed on Thursday, September 22, 2016.

Under the deal, the seller will retain around 20 percent stake in the FPSO, with the buyer paying for 80 percent. The FPSO Lewek EMAS is chartered to Premier Oil as operator of the Chim Sao field, offshore southern Vietnam.

Offshore Energy Today has reached out to Petrofac, seeking confirmation. We will update the article if we get a response.

Announcing the intention to sell, Emas said it would use the net proceeds arising from the transaction or debt repayment, working capital and general corporate requirements.

Also, Emas is looking to move away from the ownership of FPSO assets and instead to leverage on the experience in FPSO conversion. The transaction will enable Emas to refocus the company’s business in the offshore support sector during the current challenging times in the oil and gas sector, Ezra, Emas’ parent company previously said.

Offshore Energy Today Staff

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