Petrofac today announces that Petrofac Energy Developments Sdn Bhd and its partners, Kencana Energy Sdn Bhd and Sapura Energy Ventures Sdn Bhd, have reached mutual agreement with PETRONAS for the cessation of the Berantai Risk Service Contract (RSC).

With the cessation of the RSC, which will be effective on 30 September 2016, PETRONAS will reimburse the balance of outstanding capital and operational expenditures to Petrofac(1)(3) and its partners over the period to June 2017. As part of the arrangement the ownership of the Berantai FPSO will be transferred to PETRONAS(2)(3).

The Berantai RSC was the first RSC awarded by PETRONAS to Petrofac Energy Developments Sdn Bhd and its two local partners on 31 January 2011. Since then it has co-invested in the development of the Berantai field and been responsible for its operation and maintenance.  Petrofac will use the cash proceeds for general corporate purposes.