Swedish exploration and production firm Lundin Petroleum has signed an agreement to sell the Bertam floating production, storage and offloading (FPSO) vessel to M3nergy’s wholly owned subsidiary M3nergy Investment for $265m.

Under the agreement, Lundin Petroleum has agreed to sell 100% issued share capital of Lundin Services, which owns the FPSO Bertam, to Malaysian state-backed M3nergy.

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Subject to certain completion conditions, including finalisation of M3nergy’s external financing, the deal is planned to be completed during the first quarter of 2016.

"This transaction will allow us to redeploy this capital into other areas of our business to fund our value driven growth."

Lundin Petroleum president and CEO Alex Schneiter said: "We are very pleased to be doing this deal with M3nergy, an experienced Malaysian FPSO owner.

"Owning infrastructure assets is not part of Lundin Petroleum’s core strategy and this transaction will allow us to redeploy this capital into other areas of our business to fund our value driven growth."

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In 2015, Lundin Petroleum carried out an extensive upgrade and life extension programme on the FPSO Bertam in 2015.

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The FPSO is now operating on the producing Bertam field located within the PM307 production sharing contract (PSC) area, 160km off the coast of Kuantan in Peninsular Malaysia.

Located in water depths of 76m, the Bertam oilfield is estimated to hold gross reserves of 18.4 million barrels of oil equivalent.

Lundin Petroleum operates the block, which covers an area of approximately 6,126km², with 75% stake while Petronas Carigali owns the remaining 25% interest.