Federal sells $29.1m vessel to Pelayaran Antarbuwana
Monday, January 24 2011 - 08:00 AM WIB
Singapore-listed firm Federal International (2000) Limited, through its 60 percent share Federal Offshore Services Pte Ltd, is finalizing a sale and purchase agreement with PT Pelayaran Antarbuwana Pertala (PAP) to buy FSO Federal I vessel.
The transaction is worth US$29.1 million, the company said in statement on Monday.
PAP is a vehicle company, which belongs to PT Sinar Mentari Prima, PT Multiline Shipping Services and PT Saratoga Sentra Business.
The vessel was acquired by Federal Offshore in 2006, and is currently chartered to PetroChina International Jabung Ltd. under an agreement between consortium of PAP, Federal Offshore and KK Marine Inc., a subsidiary of Federal Offshore and PetroChina, it said. (denny)