MVOT Wins Time Charter by Idemitsu Kosan

MISC Berhad (MISC), through its 51 percent-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 $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, Yee Yang Chien said “We are honored 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.” 

PTSC, a company incorporated in Vietnam, is a member of Vietnam Oil and Gas Group and is primarily involved in the supply of technical services to the oil & gas industry in Vietnam.

IKC, a company incorporated in Japan, is engaged in petroleum refining and manufacture and sale of oil products, manufacture and sale of petrochemical products, and the exploration, development and extraction of petroleum, coal and geothermal resources.