PETALING JAYA: Dagang Nexchange Bhd
(Dnex) has proposed to dispose of its floating production storage and offloading (FPSO) vessel, Excalibur, to MISC Bhd for US$35mil (RM142.2mil) cash.
In a filing with Bursa Malaysia, Dnex said its 90%-owned Ping Petroleum Ltd’s wholly-owned subsidiary Ping Petroleum UK PLC had entered into a memorandum of agreement with MISC for the proposed disposal.
The proposed disposal is expected to generate a pro forma gain of US$5.86mil, or RM23.81mil, after taking into account capital gains tax and the recovery of capital allowances previously claimed.
Dnex said Excalibur has a net book value of US$13.25mil, or RM53.83mil.
An independent valuation by ABS Consulting placed the vessel’s fair value at between US$22.5mil and US$43.5mil.
The 2007-built FPSO, which has a design capacity of 300,000 barrels, is currently laid up at the Port of Nigg in Scotland.
