BPMB, EXIM Bank seal first joint deal with Duta Marine for FSO project
KUALA LUMPUR: Malaysia Bhd (BPMB) and Export-Import Bank of Malaysia Bhd (EXIM Bank), both under the BPMB Group, have concluded their first joint financing transaction with Duta Marine Sdn Bhd for the FSO Permata Dulang project.
This landmark deal reflects the unified strategic direction of the newly merged group and supports the conversion of an oil tanker into a floating storage and offloading (FSO) vessel. The new unit will replace the ageing FSO Puteri Dulang, ensuring continued operations at the Dulang Field—one of Malaysia's longest-running offshore production sites.
The financing includes RM555 million from BPMB and US$37 million in Islamic facilities from EXIM Bank, covering the vessel's acquisition, conversion, and mobilisation. The project is set to enhance energy security and infrastructure resilience while supporting long-term offshore operations.
EXIM Bank also served as the exclusive arranger for Duta Marine's charter agreement with Petronas Carigali Sdn Bhd, reflecting its role in structuring strategic financing solutions.
"This project represents the very essence of our purpose, to deliver impact capital for national development," said Datuk Muzaffar Hisham, Group Chief Executive Officer of BPMB.
"It also demonstrates the power of synergy within the BPMB Group, where our combined expertise and focus allow us to support high-impact, high-value national priorities while empowering capable Bumiputera players," he said.
EXIM Bank president and CEO Nurbayu Kassim Chang added, "We are honoured to support Duta Marine in a project of national significance. This effort showcases the strength of BPMB Group's integrated approach, bringing together complementary capabilities to strengthen Malaysia's oil and gas sector, enhance local participation, and enable homegrown enterprises to thrive on a global stage."
Aligned with BPMB's Transportation & Logistics Programme, the project also supports the United Nations Sustainable Development Goals, particularly SDG 9 (Industry, Innovation and Infrastructure) and SDG 8 (Decent Work and Economic Growth).
Duta Marine, a veteran Bumiputera offshore marine firm, secured a 10+5-year charter with PETRONAS Carigali following the extension of the Dulang Production Sharing Contract (PSC) to 2045.
"We are deeply honoured to receive this support from BPMB and EXIM Bank," said Mahyudden Abdul Wahab, director and shareholder of Duta Marine.
"This is more than just financing; it's a vote of confidence in the capabilities of Bumiputera companies to lead complex, high-impact projects."
The project is expected to create jobs during both the conversion and operational phases and deliver economic spillover benefits to key growth areas such as Terengganu, further strengthening Malaysia's global energy position.
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