MVOT Wins a Time Charter Contract by Idemitsu Kosan Co., Ltd.
Tuesday 30 October 2018
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 USD176 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 years. The contract and the charter is expected to commence by mid-2020.
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.