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FPSO to be disposed of
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.
Medevaced worker tested positive for COVID 19
A workers who was airlifted from the 'Hummingbird Spirit' has tested positive for the Covid-19 virus. The person, a third-party contractor, was evacuated on March 29, 2020, after showing flu-like symptoms. The person has now tested positive for Covid-19 and was receiving the necessary medical treatment. The FPSO is stationed on Spirit Energy’s Chestnut field in the central North Sea. It was unclear how many North Sea workers may have contracted Covid-19.
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