MISC has disposed 50% interest in its oil and gas producing unit Gumusut-Kakap Semi-Floating Production System (GKL) to state oil and gas firm Petronas Carigali for a total cash consideration of $1.73bn, Seatrade Asia online reports.
The cash proceeds will be used to repay bank loans and borrowings, capital expenditure and expenses related to the share disposal.
“The proposed share disposal is in line with the MISC board's initiative to strengthen the financial position of MISC and its subsidiaries to weather tough operating conditions in the shipping industry which is expected to prolong,” MISC said.
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