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MISC sells half stake in Gumusut-Kakap semi-FPS

MISC sells half stake in Gumusut-Kakap semi-FPS
Kuala Lumpur: Malaysia's MISC is reportedly selling a 50% stake of the Gumusut-Kakap Semi-Floating Production System (FPS) to Petronas Carigali for $307.5m to reduce its debt levels.

This deal will enable MISC to monetize an asset currently held under construction while still retaining joint control and interest from future cash flows in the asset once it becomes operational.

The semi-FPS, Asia's first deepwater semi-FPS, is scheduled for delivery by mid-2013, and will be able to produce 150,000 barrels of crude oil per day from subsea wells. when it is installed offshore Sabah.