Finder Energy Acquires FPSO Petrojarl I, Accelerating Timor-Leste Oil Project
Strategic deal with Amplus Energy aims for first oil by late 2027 at Kuda Tasi and Jahal fields.
Perth-based oil and gas explorer Finder Energy has finalized a pivotal agreement with Aberdeen-headquartered Amplus Energy, securing the floating production, storage, and offloading (FPSO) vessel Petrojarl I for its Kuda Tasi and Jahal (KTJ) oil field project offshore Timor-Leste. The strategic transaction involves Finder Energy acquiring the 39-year-old FPSO from Amplus Energy, with Amplus simultaneously taking a significant equity stake in the Australian firm.
The acquisition, valued at US$15 million through a combination of US$6 million in cash and approximately 37.2 million shares worth US$9 million, is designed to streamline project execution and enhance delivery certainty for the KTJ development. Amplus Energy, which had acquired the Petrojarl I earlier this year and commenced preparatory work for its redeployment, will continue to play a crucial role. Under the terms of the agreement, while ownership of the vessel transfers to Finder, Amplus will remain central to delivering Front-End Engineering Design (FEED), life-extension and upgrade work, and ultimately providing operations and maintenance services following field deployment.
Damon Neaves, CEO of Finder Energy, underscored the importance of the acquisition, stating: “Securing the Petrojarl I is a significant step towards the realisation of the KTJ Project. She is widely considered the most redeployable FPSO in the world and comes equipped with adaptable production systems, offering a cost-effective solution for the KTJ Project that streamlines delivery of our acceleration strategy.” Neaves also highlighted the potential for long-term benefits, adding, “Ownership of the Petrojarl I is expected to deliver both capex and opex savings and has potential to unlock future development opportunities including the Krill and Squilla discoveries, plus a host of near-field tie-back prospects.”
As part of the comprehensive arrangement, Steve Gardyne, Managing Director of Amplus Energy, has been appointed to the Finder Energy board, further aligning the interests of both companies. Gardyne commented on the strategic rationale, saying: “Taking a significant equity stake in Finder and enabling the KTJ project with the Petrojarl I provides Amplus with an excellent platform to consolidate the opportunities created through acquiring the Petrojarl I and offering her to the market in a flexible and commercially innovative way.”
He further elaborated, “The KTJ project is an excellent fit for the Petrojarl I, and Amplus and Finder are an excellent fit to work together alongside the other key project partners and stakeholders to ensure safe, accelerated delivery of first oil. Since acquiring the Petrojarl I, our team has worked at pace to position it for successful redeployment.”
Ian Herd, Executive Director and Owner of Amplus Energy, reflected on the broader implications for his company: “The transaction with Finder Energy is the culmination of several years of strategic work by Amplus to enter the FPSO market. The decision we made earlier this year to purchase the Petrojarl 1 FPSO has given Amplus the platform we needed to fulfil two of our longer-term strategic goals in establishing Amplus as an FPSO contractor whilst also allowing us to become a significant shareholder in a well-established E & P company with an extensive portfolio of assets.” Herd concluded, “[…]We see the successful conclusion of this transaction and the innovative commercial structure we have negotiated with Finder Energy as the first major step in establishing Amplus as the ‘redeployment FPSO contractor of choice’ for clients and we look forward to building this market position significantly in the coming years.”
The FPSO Petrojarl I, built in Japan in 1986, has a proven track record, having been deployed across 11 different projects globally, including in the North Sea and Brazil. This deal is anticipated to pave the way for a Final Investment Decision (FID) for the KTJ oil project by mid-2026, targeting first oil production by the end of 2027. The acquisition’s completion is expected in December.