MISC Berhad’s wholly-owned subsidiary, MISC Offshore Floating Terminals Limited (MOFT) has signed a contract for the lease and operations of a Floating, Storage and Offloading Vessel (FSO) for the FSO Benchamas 2 Project by Chevron Offshore (Thailand) Ltd. (COTL) in the Gulf of Thailand.
The contract was secured through an international competitive bidding process and marks MISC’s maiden foray into Thailand’s offshore oil and gas market. It is valued at approximately US$230m for a duration of 10 years with COTL having the right to extend for up to 5 extensions of one year each.
As part of the contract, the scope of work for MOFT includes engineering, procurement, construction, installation, commissioning, lease and operations of the FSO Benchamas 2 Project which is expected to commence operations by the second quarter of 2018.
MISC’s President and Chief Executive Officer, Yee Yang Chien, said that the contract reflects the confidence of its business partners in MISC’s capability and reliability, “This is a milestone achievement for MISC in winning the contract and it is significant to us, being our first collaboration with Chevron in the offshore segment.” He also added, “Through this project, we aim to contribute towards mutually developing and strengthening MISC’s as well as our business partner’s position in the ASEAN region’s oil and gas industry.”