MVOT secures FSO time charter contract from Idemitsu Kosan
MISC Berhad (MISC), through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC) i.e. Malaysia Vietnam Offshore Terminal (L) Limited (MVOT) it has won in an open bidding process and awarded a time charter contract by Idemitsu Kosan Co., Ltd. (IKC) for the provision of a FSO vessel in Vietnam, MISC Group said in its press release.
Under the US$176 million contract, 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 seven-year period with commencement by mid-2020.
About MISC Group
MISC Group is a leading provider of international energy-related maritime solutions and services. The Group's core businesses include energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, as well as engineering and construction works. In addition to our shipping business, we place maritime education at the forefront; our Malaysian Maritime Academy (ALAM) is ranked amongst the top 10% of the world’s Maritime Education and Training (MET) institutions.