KUALA LUMPUR, 26 May 2025
Bank Pembangunan Malaysia Bhd (BPMB) and Export-Import Bank of Malaysia Bhd (EXIM Bank) have jointly financed a strategic offshore oil infrastructure project, marking their first collaborative transaction as part of the newly integrated BPMB Group.
The two development finance institutions have extended a combined RM700 million in financing to Duta Marine Sdn Bhd for the FSO Permata Dulang Project, which involves the conversion of an oil tanker into a floating storage and offloading (FSO) vessel. The new FSO will replace the ageing FSO Puteri Dulang, a critical component in Malaysia’s Dulang oil field, one of the nation’s oldest offshore production assets.
The deal sees BPMB providing RM555 million, while EXIM Bank contributes US$37 million in Islamic financing. The funds will be used to acquire, convert, refurbish and mobilise the vessel, ensuring the continued efficiency of offshore oil storage and transfer operations.
“This project represents the very essence of our purpose of delivering impact capital for national development.
“It demonstrates how the combined strength of BPMB Group enables us to support strategic, high-value initiatives that enhance Malaysia’s energy resilience,” BPMB Group Chief Executive Officer Datuk Muzaffar Hisham said.
EXIM Bank, which acted as the exclusive arranger for the deal, structured the financing to support Duta Marine’s long-term charter agreement with Petronas Carigali Sdn Bhd. The 10+5-year charter follows the extension of the Dulang Production Sharing Contract to 2045.
Duta Marine, a Bumiputera-owned offshore marine services firm with over two decades of experience, called the financing a “vote of confidence” in its ability to manage complex and high-impact projects. The company has delivered past contracts for Shell, MMHE, Petra Energy and Petronas. The project is also expected to generate employment opportunities during both the conversion and operational phases, while delivering economic spillover to key energy hubs such as Terengganu.