Malaysian shipping group MISC Berhad (MISC) has received a time charter contract from Idemitsu Kosan (IKC) for the provision of a floating, storage and offloading (FSO) vessel in Vietnam.
Secured through Malaysia Vietnam Offshore Terminal (L) Limited (MVOT), its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC), the contract represents the expansion of MISC’s footprint in providing offshore solutions in the ASEAN region.
The contract, secured through an international competitive bidding process, is valued at around USD 176 million. Under the deal, 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 years. The contract and the charter is expected to commence by mid-2020.