Finder Energy (ASX:FDR) completed the relocation of the Petrojarl I floating production, storage, and offloading vessel to a lay-up facility in Tenerife from Gran Canaria, Spain, to cut holding costs during the engineering phase for the Kuda Tasi and Jahal project, according to a Monday filing with the Australian bourse.

The vessel will remain in lay-up until the final investment decision, which is expected in the middle of the year, the filing said.

The vessel will mobilize to the selected shipyard to undertake life extension works and modifications for the project following the final investment decision, per the filing.

Shares fell 6% in afternoon trade on Monday.