DNeX takes delivery of FPSO for the Avalon Development and renames it Excalibur

Dagang NeXchange Berhad (“DNeX”), via its subsidiary Ping Petroleum UK PLC (“Ping”), has taken delivery of the Sevan Hummingbird Floating Production Storage and Offloading (“FPSO”) vessel from marine energy transportation company, Teekay Corporation.

The FPSO vessel was later renamed as Excalibur at a ceremony held in Port of Nigg, Scotland, United Kingdom (“UK”), witnessed by delegations from DNeX and Ping.

Acquisition of the FPSO was a critical milestone in the Central North Sea Avalon Development Project, which the company continues to progress after receiving a letter of “no objections” from the North Sea Transition Authority (“NSTA”) in March this year for its proposed Avalon development plans.

Ping has also been granted a 19-month extension by NSTA to the second term of the P2006 licence containing Avalon. This allows the company additional time to optimise and gain full regulatory approval of the Avalon Field Development Plan.

The proposed development concept included plans to deploy the FPSO at the Avalon field which will be modified to facilitate electrification from an external, low-carbon source. The company is evaluating options to connect the FPSO to a dedicated floating offshore wind turbine to power the facility, minimising diesel usage and associated Greenhouse Gas emissions. The planned development allows Ping to expand and diversify its portfolio of producing assets in full compliance with the UK’s energy security and Net Zero targets.