Finder Energy has secured the Petrojarl I FPSO for its KTJ Project after forming a new strategic agreement with Amplus Energy, which has divested the Petrojarl I to Finder Energy and taken a significant equity stake in the company.
This strategic agreement formalises a fully aligned ownership and delivery model between Finder and Amplus, strengthening delivery certainty and accelerating project execution.
The agreement follows Amplus Energy’s acquisition of the Petrojarl I FPSO earlier this year and the significant progress made by the Amplus team to prepare the vessel for future redeployment. Under this agreement, ownership of the vessel will be transferred to Finder, while Amplus will continue to play a central role in delivering FEED, life-extension and upgrade work and ultimately operations and maintenance services following field deployment.
As part of the agreement, Amplus Managing Director Steve Gardyne has been appointed to the Finder Energy board.
Accelerating the KTJ Project
The acquisition of the Petrojarl I will play a key role in accelerating Finder’s KTJ Project, which will develop the Kuda Tasi and Jahal oil fields in Timor-Leste waters.
In 2024, Finder began assessing FPSOs suitable for redeployment. On inspection of the Petrojarl I, the company identified it as an “excellent fit” for the project due to its adaptability, proven systems, and readiness for life-extension work. Ownership of the vessel unlocks a pathway to FID by mid-2026 and first oil by year-end 2027.
Damon Neaves, CEO of Finder Energy, said: “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.
“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.
“The strategic partnership with Amplus Energy brings together Finder’s upstream capabilities with Amplus’ extensive offshore production facility management experience which will be instrumental in ensuring the successful redeployment of the Petrojarl I to the KTJ Project.”
An opportunity “too good to pass up”
Steve Gardyne, Managing Director of Amplus Energy, said: “This is a sound strategic decision on an opportunity too good to pass up - one that delivers on our ambition to enter the FPSO redeployment market in a commercially innovative way with a client, partner and project who are an excellent fit for us.
“This model strengthens delivery alignment while generating increased returns. 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. 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. Their experience and commitment have been recognised by Finder and others, and we’re excited about the opportunities this partnership unlocks.”
Amplus’ transfer of the FPSO into the project creates a strong foundation for long-term value. For Finder, the arrangement strengthens its position as a developer and future operator of the KTJ Project. For Amplus, it marks a strategic step into long-term asset project delivery and operations alongside an ambitious and aligned field operator.
Mr Gardyne added: “This is the best commercial arrangement for Amplus and Finder within this project. Amplus remain committed to the concept of direct ownership of vessels in future where that approach is optimal.”
“The culmination of several years of strategic work to enter the FPSO market”
Ian Herd, Executive Director and owner of Amplus Energy, said: “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.
“Steve and the rest of the Amplus engineering, operations and offshore teams are very excited by the challenge of assisting Finder Energy to redeploy the Petrojarl I to Timor-Leste to deliver accelerated first oil safely and efficiently from the Kuda Tasi & Jahal fields in 2027.
“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.”
Completion of the acquisition is expected in December. For more information on the announcement, visit ASX Investor Dashboard - Finder energy