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October 02, 2022 -Sunday

 
  DNEX RENAMES NEWLY ACQUIRED FPSO FOR AVALON DEVELOPMENT

Thursday 04/08/2022



CYBERJAYA, Aug 4 (Bernama) -- Dagang NeXchange Berhad (“DNeX”), via its subsidiary Ping Petroleum UK PLC (“Ping”), has renamed its recently acquired Floating Production Storage and Offloading (“FPSO”) vessel to Excalibur.
 
Previously known as the Sevan Hummingbird, the renaming ceremony was recently held in Port of Nigg, Scotland, United Kingdom (“UK”), witnessed by delegations from DNeX and Ping.
 
Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Group Managing Director of DNeX, said the FPSO is now renamed Excalibur ahead of its deployment at the Avalon Development.

“We are proud to be the new asset owner and ready to progress in our maiden greenfield upstream project, starting on a clean slate in line with DNeX’s and Ping’s growth strategies. Representation from DNeX being present at the event demonstrates the Group’s continued commitment in this project. DNeX and Ping are upbeat about the prospect of Avalon Development,” he said.  

He said the next step is to retrofit the FPSO with electrification capability, supported by a dedicated floating offshore wind turbine that is purpose-built for the Avalon’s requirement.
 
“The Excalibur can set the benchmark for a greener upstream operation with the deployment of a wind turbine technology that powers the entire production facility. This is a significant milestone for the Avalon Development and timely as we progressively move forward with the energy transition,” he said.
 
Ping took delivery of the FPSO from the marine energy transportation company, Teekay Corporation, in early July this year.
 
First commissioned in 2008, the Excalibur spans 60-metre in diameter with a storage capacity of 270,000 barrels of oil. It can produce about 25,000 barrels per day, supported by up to 47 offshore personnel.
 
Ping had finalised the conceptual development planning and begun Front-End-Engineering works in preparation to submit the Avalon Field Development Plan, with Final Investment Decision (“FID”) expected later this year.
 
The proposed development concept allows Ping to expand and diversify its portfolio of producing assets in full compliance with the UK’s production and emissions-reduction targets. 
 
About Dagang NeXchange Berhad
Dagang NeXchange Berhad (“DNeX”) is a global technology company operating in three business divisions namely Technology, Energy, and Information Technology (“IT”). In Technology, the company is a leading semiconductor foundry while in Energy, the company is making its mark in upstream exploration and production as well as equipment supply and maintenance. In IT, the company is a leading provider of award-winning eServices for Trade Facilitation and has a wealth of knowledge, expertise and operational know-how in the provisioning of eServices for Trade Facilitation, Technology Consulting and Systems Integration, as well as Subsea Telecommunications. The company is listed on the Main Market of Bursa Malaysia. For more information on the company, log on to www.dnex.com.my.

Source: Dagang NeXchange Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Sharifah Kasim Al Edrus                                     
Head, Corporate Communications & Branding          
Dagang NeXchange Berhad         
Tel: +603 8230 6900 / +6013 342 1505    
Fax: +603 8230 6969        
Email:  sharifah.kasim@dnex.com.my 

Name: Keow Mei-Lynn
Capital Front Investor Relations 
Tel: +6 (012) 250 5575
Email: meilynn@capitalfront.biz 

--BERNAMA

 
 
 

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