On August 20, Malaysia’s Dagang Nexchange (DNeX) announced that it had decided to sell its idle floating production, storage, and offloading vessel (FPSO), the “Excalibur”, to Malaysia International Shipping Corporation (MISC) for $35 million.
DNeX stated that the sale is being handled by a UK subsidiary of Ping Petroleum, an oil and gas company in which DNeX holds a 90% stake. Delivery is scheduled for November 5, 2026.
Records indicate that the FPSO Excalibur was built in 2007 and is a Sevan SSP300 cylindrical FPSO with a design capacity of 300,000 barrels of crude oil and a daily crude oil processing capacity of 25,000 barrels. The vessel is now 19 years old and is currently moored at Port of Nighe in Scotland.
DNeX stated that the sale represents “a prudent and proactive strategic decision that fully takes into account changes in the financial, regulatory, and developmental landscape of the U.K. offshore energy industry,” and expects to receive approximately $14.11 million in net cash upon completion of the transaction.
It is worth noting that following the sale, the FPSO Excalibur will no longer be used for oil and gas production and will subsequently be dismantled.