Update on Bertam FPSO
February 26, 2018
International Petroleum Corporation (IPC) (TSX, Nasdaq First North: IPCO) is pleased to announce that the Bertam FPSO is now registered as a Malaysian flagged vessel under the applicable Malaysian marine regulations.
The Bertam FPSO is required to be Malaysian flagged in order to offload oil production from the Bertam field in Malaysian waters. As previously announced in December 2017, IPC had received an extension for the provisional registration of the Bertam FPSO in Malaysia until March 2018. Following the submission of an application to the relevant Malaysian authorities, the Bertam FPSO has now received registration as a Malaysian flagged vessel under the applicable Malaysian marine regulations.
IPC, through its wholly-owned subsidiary IPC Malaysia BV, is the operator of the Bertam field with a 75 percent working interest. Petronas Carigali Sdn Bhd holds the remaining 25 percent.