First Reserve JV buys SE Asia oil industry servicing vessel

The PetroFirst Infrastructure Partners JV - set up with energy industry services provider Petrofac - will acquire the Lewek Emas oil production, storage and offloading vessel through an earn-in payment scheme. According to a statement, the share purchase agreement with the ship's Singapore-listed vendors will also include a $46.3 million cash component.

Lewek Emas is owned by Ezra Holdings and Emas Offshore through PV Keez, a single-purpose entity which has a total issued and paid-up share capital of $178 million. The Singapore-flagged vessel has a storage capacity of about 660,000 barrels of oil and can produce up to 50,000 barrels per day. It is operated off southern Vietnam by a regional division of UK-based Premier Oil.

PetroFirst was established in 2014 to invest in energy infrastructure projects, with First Reserve anticipated to control 80% of the $125 billion vehicle. The joint venture currently includes two floating, production, storage and offloading vessels and a mobile offshore production unit vessel.

Headquartered in the US, First Reserve claims to have raised about $31 billion of aggregate capital and to have completed more than 550 transactions globally since 1984, including platform investments and add-on acquisitions.

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• Topics
• Southeast Asia
• Industrials
• Buyouts
• Infrastructure
• First Reserve Corp
• Singapore
• Vietnam
• energy
• Commodities