Petronas Gas has announced that its wholly-owned subsidiary, Regas Terminal (Sg. Udang) Sdn. Bhd., has come into an agreement with Gas Asia Terminal (L) Pte. Ltd., a wholly-owned subsidiary of MISC Berhad, to make a one-off settlement for the prepayment of CAPEX Hire fee under the Time Charter Partie, for the provision of Floating Storage Units.
The FSU Tenaga Satu and FSU Tenaga Empat at LNG Regasification Terminal Sungai Udang, will be fully satisfied in cash. As part of PGB Group’s foreign exchange risk mitigation strategy, RGTSU has reached an agreement with GATL to undertake the Prepayment Transaction which entails the early settlement of all CAPEX Hire fees payable for the remaining charter period of the TCPs at an agreed amount of USD233.6 million, representing the residual contract value of RGTSU’s remaining CAPEX Hire payment obligations.
The FSUs will continue to be employed by RGTSU until the end of the contracted charter period and the operating portion of the TCPs will remain unaffected. The Prepayment Transaction will reduce PGB Group’s foreign currency risk exposure for the remaining TCPs’ period. PTG said the Prepayment Transaction is not subject to the approval of the shareholders of the Company or any relevant government authorities.
