Marine operations service and solutions provider Avangaad has sold its 1996-built FOIS Nautica Tembikai FSO for $10.5m (RM44.5m) in cash.
The company said in a Bursa Malaysia filing that the vessel has a net book value of RM15.05m ($3.58m), and the sale will result in an immediate gain of RM29.4m ($7m).
The sale to MTC Energy, a wholly owned subsidiary of MTC Engineering, will be scheduled to be completed by the fourth quarter of fiscal year 2025.
Once the sale is wrapped up, Avangaad will be left with two oil tankers, eight offshore support vessels, and 15 port operations vessels.
Proceeds from the FSO vessel disposal will be redeployed into “higher-yielding, longer-tenured assets” to enhance financial flexibility and expand charter contract opportunities.
“We are monetising this asset at the right time to ensure Avangaad stays agile and well-capitalised. The group’s fleet also comprises vessel types capable of securing decade-long commitments, each contributing uniquely to the group’s long-term portfolio optimisation,” said Wira Mubarak Hussain Akhtar Husin, Avangaad executive director.
