BPMB, EXIM Bank Provide Joint Financing and Strategic Support for Offshore Oil & Gas Milestone

KUALA LUMPUR, 26 May 2025 – Bank Pembangunan Malaysia Berhad (BPMB) and Export-Import Bank of Malaysia Berhad (EXIM Bank), both part of BPMB Group, today formalised a milestone financing deal with Duta Marine Sdn Bhd for the FSO Permata Dulang Project. This marks their first joint transaction following the merger, reflecting the strengthened synergy and unified strategic direction within the Group.

The financing supports the conversion of an oil tanker into a floating storage and offloading (FSO) vessel. The new vessel will replace the aging FSO Puteri Dulang and ensure continued offshore storage and offloading capabilities for the Dulang Field, an oil production site that has been operational for over 40 years.

The facility structure sees BPMB extending RM555 million while EXIM Bank contributing USD37 million in Islamic facilities, to support the oil tanker’s purchase, modification, refurbishment, and mobilisation. By ensuring continuity of offshore energy operations, the transaction plays a vital role in maintaining infrastructure reliability and supporting long-term national energy resilience.

EXIM Bank was appointed Exclusive Arranger to support Duta Marine’s charter contract with PETRONAS Carigali Sdn Bhd, reflecting confidence in EXIM Bank’s capabilities in structuring and coordinating complex financing transactions in strategic sectors.

“This project represents the very essence of our purpose, to deliver impact capital for national development,” said Dato’ Muzaffar Hisham, Group Chief Executive Officer of BPMB. “It also demonstrates the power of synergy within BPMB Group, where our combined expertise and focus allow us to support high-impact, high-value national priorities while empowering capable Bumiputera players.”

Nurbayu Kassim Chang, President & Chief Executive Officer of EXIM Bank, 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.”

The financing aligns with BPMB Group’s mandate to support strategic sectors and promote inclusive growth. It is also part of BPMB’s Transportation & Logistics

Programme (TLP), which aims to strengthen local capacity and contribute toward the United Nations Sustainable Development Goals, specifically SDG 9 (Industry, Innovation and Infrastructure) and SDG 8 (Decent Work and Economic Growth).

Duta Marine Sdn Bhd, a Bumiputera offshore marine company with over two decades of experience, has delivered contracts for prominent players such as Shell, MMHE, Petra Energy and PETRONAS. Its successful bid to operate the FSO Permata Dulang, under a 10+5-year charter awarded by PETRONAS Carigali following the Dulang Production Sharing Contract (PSC) extension to 2045, is a testament to its capabilities.

“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. We are proud to contribute meaningfully to Malaysia’s energy ecosystem.”

The project Is expected to create jobs during both conversion and operation phases while ensuring the uninterrupted supply chain for Malaysia’s oil and gas exports. This will subsequently generate economic spillover effects to key growth regions such as Terengganu and reinforce Malaysia’s standing in the global energy sector.

About Bank Pembangunan Malaysia Berhad (BPMB)
Incorporated on 28 November 1973, Bank Pembangunan Malaysia Berhad is a development financial institution wholly owned by Minister of Finance (Incorporated). The Bank holds the highest ‘AAA’ rating from both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad and operates under the regulatory oversight of Bank Negara Malaysia as stipulated by the Development Financial Institution Act 2002.

With Group Total Assets valued at RM29.0 billion as of 31 December 2023, Bank Pembangunan is well-equipped to meet the financing and development needs of Malaysian businesses. Effective 1 May 2025, EXIM Bank and SME Bank became subsidiaries of Bank Pembangunan Malaysia Berhad.

For more information, visit www.bpmb.com.my.

About Export-Import Bank of Malaysia Berhad (EXIM Bank)
Established on 29 August 1995, Export-Import Bank of Malaysia Berhad (EXIM Bank) provides financing and advisory support to Malaysian businesses pursuing global ventures across diverse sectors. EXIM Bank fulfills its mandate to enhance the competitiveness of Malaysian industries internationally, offering comprehensive banking and insurance products.

Effective 1 May 2025, EXIM Bank became a subsidiary of Bank Pembangunan Malaysia Berhad (BPMB).

For more information, visit www.exim.com.my