Skip to main content

MISC Berhad: MVOT wins a time charter contract by Idemitsu Kosan Co., Ltd.

Published by
Oilfield Technology,


MISC Berhad (MISC), through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC) i.e. Malaysia Vietnam Offshore Terminal (L) Limited (MVOT) has been awarded a time charter contract by Idemitsu Kosan Co., Ltd. (IKC) for the provision of a Floating, Storage and Offloading Vessel (FSO) in Vietnam. The contract represents the expansion of MISC’s footprint as a leading player in providing offshore solutions in the ASEAN region.

MISC has close to 10 years of experience in Vietnam’s offshore development in a joint venture partnership with PTSC and currently operates two floating assets, namely the FSO Orkid and a Floating Production, Storage and Offloading (FPSO) facility, FPSO Ruby II.

The contract was secured through an international competitive bidding process and marks MISC’s first venture with IKC. Under this contract, which is valued at approximately US$176 million, MVOT will be responsible for the engineering, procurement, construction, installation, commissioning, lease and operations of the FSO. Upon its conversion, the FSO will be deployed for the Sao Vang and Dai Nguyet Development Project in Blocks 05-1b and 05-1c, offshore Vietnam and it will be leased for a duration of seven (7) years. The contract and the charter is expected to commence by mid-2020.

MISC’s President / Group Chief Executive Officer, Mr. Yee Yang Chien said “We are honoured for the trust and opportunity given for us to work together with IKC in the development of Vietnam’s oil & gas industry. 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.”

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/29102018/misc-berhad-mvot-wins-a-time-charter-contract-by-idemitsu-kosan-co-ltd/

 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Upstream news Offshore news