Singapore-based Ezra Holdings Ltd. reported Friday that the firm and EMAS Offshore Production Service (Vietnam) Pte Ltd. (EOPS), a unit of its subsidiary Emas Offshore Ltd., announced Friday that they have entered July 1 into a share purchase agreement (SPA) to sell a combined 80 percent interest in PV Keez Pte Ltd. to PetroFirst Infrastructure 2 Ltd. for $166.35 million.
Under the agreement, EOPS and Ezra would dispose of their respective interests of approximately 41.7 percent and 38.3 percent, respectively in PV Keez, owner of the Lewek EMAS floating production, storage and offloading (FPSO) vessel currently on charter to Premier Oil Vietnam Offshore BV -- the operator of the Chim Sao field offshore southern Vietnam -- to PetroFirst Infrastructure 2.
PetroFirst Infrastructure 2 is part of PetroFirst Infrastructure Partners, a joint venture between energy-focused private equity and infrastructure investment firm First Reserve and oil and gas service provider Petrofac Ltd.
The completion of the transaction is expected on or before Sept. 30.
Ezra said in the press release that the disposal of interest in PV Keez is consistent with its strategy of moving away from the ownership of FPSO assets as it seek "to leverage on the experience in FPSO conversion to provide value-added services to third parties."