Created: Monday, 26 May 2014

M3nergy and PT Transamudra close financing for FPSO Ratu Nusantara

M3nergy and PT Transamudra as sponsors have close financing on a US$182 million term facility and US$38.4 million guarantee facility to finance the FPSO Ratu Nusantara.

Watson, Farley & Williams Asia Practice LLP announced that it has advised the joint venture.

The loan facilities were provided to PT M3 Ketapang Sejahtera, a joint venture entity owned by the sponsors, by a syndicate of lenders consisting of CIMB Bank Berhad Labuan Offshore Branch, Export- Import Bank of Malaysia Berhad, Industrial and Commercial Bank of China (Malaysia) Berhad, National Bank of Abu Dhabi Malaysia Berhad, Natixis Singapore Branch, Oversea-Chinese Banking Corporation Limited and Sumitomo Mitsui Banking Corporation (SMBC).

SMBC acted as co-ordinating bank for the lenders as well as facility agent and security agent.

The 1994-built Aframax tanker Scorpius will be converted into FPSO Ratu Nusantara, which will be operated by Petronas Carigali in the Bukit Tua oil and gas field in the Ketapang block in offshore Madura Island, East Java, Indonesia.

M3nergy bought the tanker from d'Amico Fratelli for $13M in July 2012.

The FPSO Ratu Nusantara is a floating production, storage and offloading facility with a processing capacity of 25,000 barrels per day and a storage capacity of up to 630,000 barrels.

PT Transamudra is an owner and operator of vessels in the offshore oil and gas sector headquartered in Indonesia.

M3nergy is an emerging exploration and production company headquartered in Malaysia. It is owned by Sabah Development Bank and its strategic focus is on marginal field development, with 15 years of experience in the field.