mai hien

MISC scores FSO contract in Vietnam

Monday, 12 November 2018 01:30

MISC, through its 51%-owned Malaysia Vietnam Offshore Terminal (MVOT), has landed a time charter contract by Idemitsu Kosan for the conversion and provision of a FSO in Vietnam.

The contract, valued at approximately $176m, marks MISC’s first venture with Idemitsu Kosan.

MVOT will be responsible for the engineering, procurement, construction, installation, commissioning, lease and operations of the FSO.

MVOT is 49%-owned by PetroVietnam Technical Services Corporation (PTSC), which has a longstanding partnership with MISC in Vietnam.

Upon its conversion, the FSO will be deployed for the Sao Vang and Dai Nguyet Development Project offshore Vietnam, and it will be leased for a duration of seven years. The contract and charter are expected to commence by mid-2020.

“With our broad spectrum of energy related maritime solutions and services, be it in energy shipping or offshore solutions, MISC is confident of our ability to serve the various needs of the global oil and gas industry,” said Yee Yang Chien, president and group ceo of MISC.

MISC has close to 10 years of experience in Vietnam’s offshore development in its partnership with PTSC and currently operates two floating assets – the FSO Orkid and the FPSO Ruby II.