Dagang NeXchange Bhd (DNeX) is disposing of the FPSO Excalibur floating production storage and offloading (FPSO) vessel to MISC Bhd for US$35 million (RM142.19 million) in cash as the group seeks to optimise capital allocation amid changes in the UK offshore energy sector.
DNeX said its wholly-owned subsidiary Ping Petroleum UK plc (PPUK), which is owned by Ping Petroleum Ltd, in turn a 90%-owned subsidiary of DNeX, entered into a Memorandum of Agreement (MOA) with MISC on Aug 20, 2026 for the disposal.
Based on the exchange rate of US$1 to RM4.0625 quoted by Bank Negara Malaysia on Aug 19, the disposal consideration is equivalent to approximately RM142.19 million.
The transaction involves the disposal of FPSO Excalibur, with the consideration to be satisfied entirely in cash.
DNeX said the disposal proceeds, after settlement of tax obligations associated with the transaction, will be used for working capital purposes.
The disposal is expected to generate net cash proceeds of US$14.11 million upon completion.
