Oil and gas explorer Finder Energy has agreed to acquire the Petrojarl I floating production, storage and offloading (FPSO) vessel from Amplus Energy for US$15 million.
Finder said the acquisition of Petrojarl I for US$15 million in shares and cash will de-risk and accelerate its Kuda Tasi and Jahal (KTJ) oilfields project by unlocking a fast-track development pathway targeting final investment decision by mid-2026 and first oil by the end of 2027.
To help fund the acquisition, Finder will raise AU$25 million through a two-tranche share placement. The company will issue 67.6 million new shares at an offer price of 37 cents per share.
Finder CEO Damon Neaves said: “Securing the Petrojarl I is a significant step towards the realisation of the KTJ project. She is widely considered the most redeployable FPSO in the world and comes equipped with adaptable production systems, offering a cost-effective solution for the KTJ project that streamlines delivery of our acceleration strategy.”
The Petrojarl I will be the focal point of the production infrastructure for the KTJ project connecting to the three planned development wells and Subsea Production System and enabling offshore processing, storage and export of crude oil.
Finder explained that ownership of the FPSO brings significant benefits. For example, the company found that the day rate for a bareboat charter for a smaller-size FPSO in Southeast Asia can range between US$60,000 to US$200,000, which amounts to a total of US$150 million for a seven-year project on the lower end of that range.
The Petrojarl I has also proved its capability as it has been deployed to 11 different projects throughout its life. It has been well-maintained and is highly adaptable for different operating requirements.
As part of the acquisition, Finder will award a certain regulatory contract to Amplus. During the design phase, Amplus will provide services in connection with the integration of the Petrojarl I into the KTJ project as part of FEED.
During the project execution phase, the company will manage the modifications and life extension work for the FPSO.
Completion of the transfer of the Petrojarl I is expected to occur during December, following completion of the first tranche of the placement and satisfaction of the vessel transfer condition.
