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.
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Company: Malaysia International Shipping Corporation Berhad (MISC) more info
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