The Dagang Nexchange (DNeX) has opted to sell its idle FPSO 'Excalibur' for disposal to compatriot MISC for $35m in cash. The sale was to be done by the UK unit of its 90%-owned oil and gas company Ping Petroleum. The FPSO, with a design capacity of 300,000 barrels, is currently laid up at the Port of Nigg in Scotland. The transaction was expected to generate a pro forma gain of $5.86m after capital gains tax and recovery of previously claimed allowances. The 'Excalibur' had a net book value of $13.25m, while an independent ABS Consulting valuation put its fair value between $22.5m and $43.5m. Proceeds, after tax, will fund working capital, with the group expecting about $14.11m in net cash on completion. Thr delivery has been scheduled for Nov 5, 2026, at the Malaysia Marine and Heavy Engineering’s quayside in Pasir Gudang, with MISC bearing the transport costs from Scotland to Malaysia.
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GOL
Sold/Decommissioned
The 'Sonangol Namibe', a Sonangol tanker firmly in the shadow-fleet age bracket, has changed hands for just under $50m. The price was in line with the sale of another Korean-built tanker of the same age that changed hands in June, the sanctioned 'Helion', currently located in the Gulf of Finland. Until recently named 'Cosmo Sail', the vessel has changed names and companies between two Chinese entities, Hao Xin Long and the Taihu Shipping, after being acquired from Thenamaris in 2025 for just under $40m.
