MISC to Supply FSO to Petronas

MISC Berhad had entered into a Bareboat Charter Party Contract with PETRONAS Carigali Sdn Bhd, a wholly owned subsidiary of PETRONAS for the supply, delivery and bareboat charter of a Floating, Storage and Offloading ("FSO") facility for the PM318 Abu Cluster Development Project.

The Abu Cluster field is a marginal oil field located in shallow waters, offshore Trengganu.

The repair, life extension and conversion of the FSO was undertaken by Malaysia Marine and Heavy Engineering Sdn Bhd, a subsidiary of MISC Berhad, in Pasir Gudang.

The contract value of the award is approximately US $85 US $100 million for a charter period of 10 years with an option to extend for another 5 years. Estimated Capex is approximately US $80 US $95 million.

The above transaction is regarded as Related Party Transaction whereby, Petronas Carigali Sdn Bhd is a wholly owned subsidiary of PETRONAS, one of the major shareholders of MISC Berhad. The percentage ratios for the above transaction is below 5%. No approval from shareholders is required for this transaction.

To the best of our knowledge and save for the above, none of MISC's Directors, Substantial Shareholders and persons' connected to them has any direct or indirect interest in the above transaction.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Expertise: Welding
Location: Corpus Christi, TX
US, Zanesville, OH: Associate Electronic Technician - Electronic Technician
Expertise: Electrical Technician
Location: Zanesville, OH
United States Duncan: Design Drafter, Mechanical - Sr. Mechanical Designer
Expertise: Mechanic
Location: Duncan, OK
search for more jobs

Brent Crude Oil : $49.71/BBL 1.50%
Light Crude Oil : $48.7/BBL 2.05%
Natural Gas : $3.11/MMBtu 12.68%
Updated in last 24 hours