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PETRONAS has reached a mutual agreement with Petrofac Energy Developments Sdn Bhd and partners Kencana Energy Sdn Bhd and Sapura Energy Ventures Sdn Bhd (the Contractors) for the cessation of the Berantai Risk Service Contract (RSC).
The RSC’s cessation will allow PETRONAS to minimise the project’s long-term value erosion and optimise the development and production activities in Malaysia, in line with its efforts to reduce costs and increase the efficiency of its operations.
With the cessation of the RSC, which will be effective on 30 September 2016, PETRONAS will reimburse the balance of outstanding capital and operational expenditures to the Contractors over the following 12 months.
As part of the arrangement, the ownership of Berantai FPSO will be transferred to PETRONAS.
The Berantai RSC was the first RSC awarded by PETRONAS to Petrofac Energy Developments Sdn Bhd and its two local partners on 31 January 2011.
Issued by
Media RelationsGroup
Strategic Communications
PETRONAS
