Phnom Penh (FN), Nov. 12 – KrisEnergy Ltd., an independent upstream oil and gas company, announces that its wholly-owned subsidiary, SJ Production Barge Ltd, has contracted Keppel Shipyard Ltd (“Keppel Shipyard”) for the modification and upgrading of its production barge for the Apsara oil development in the Block A concession offshore Cambodia, according to KrisEnergy press release dated on 9 November 2018.

“The value of the contract is approximately US$21.7 million, where a portion of the payment will be on deferred payment terms. The contract has been awarded pursuant to the Cooperation Agreement entered into previously with Keppel FELS Limited and Keppel Shipyard, and constitutes an interested person transaction which will be conducted under the interested person transactions mandate adopted and approved by the Company’s shareholders at an extraordinary general meeting on 26 April 2018,” the press release added.

KrisEnergy Ltd. holds working interests in three producing oil and/or gas licenses, two in the Gulf of Thailand and one onshore Bangladesh. It also participates in 11 blocks in various stages of development, appraisal and exploration in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam. KrisEnergy operates nine of the contract areas.

KrisEnergy’s press release is available below: