Finder Energy has taken a major step toward developing its KTJ oil project offshore Timor-Leste after securing the Petrojarl I FPSO under a strategic deal with Amplus Energy.
The Australian explorer confirmed it will acquire the floater for US$15 million in a mix of cash and shares. As part of the transaction, Amplus — which bought the Petrojarl I earlier this year and has been preparing it for redeployment — will become a significant shareholder in Finder.
Under the agreement, Finder will take ownership of the FPSO while Amplus remains central to the project’s execution. The contractor will handle front-end engineering and design work, life-extension and upgrade scopes, and later operations and maintenance once the vessel is on station.
Finder said the move secures a fit-for-purpose production unit for its Kuda Tasi and Jahal fields and sets a clear path toward FID in mid-2026 and first oil by late 2027. The Petrojarl I was singled out after a global screening of redeployable FPSOs, with the company calling it an “excellent fit” given its adaptable process systems and readiness for further upgrades.
“The Petrojarl I is widely regarded as the most redeployable FPSO in the world,” said Finder chief executive Damon Neaves. “Ownership delivers capex and opex savings and positions us for future opportunities, including potential tie-backs.”
Neaves added that teaming with Amplus combines Finder’s upstream expertise with the contractor’s experience in managing offshore production assets, strengthening delivery certainty for the KTJ project.
Amplus managing director Steve Gardyne said the company viewed the transaction as “an opportunity too good to pass up,” providing a springboard into the FPSO redeployment market and aligning the interests of both partners.
Amplus founder Ian Herd said the deal is the outcome of several years of strategic planning aimed at establishing the company as a dedicated redeployment-focused FPSO contractor.
The 1986-built vessel most recently worked on Enauta’s Atlanta field offshore Brazil between 2018 and 2024, achieving a 98% uptime record. Amplus bought the 215-m-long unit from UK floater player Altera Infrastructure. It was Altera’s very first FPSO and the industry’s first newbuild harsh environment FPSO.
