Japanese petroleum company Idemitsu Kosan (IKC) has awarded a time-charter contract to the Malaysia Vietnam Offshore Terminal (MVOT) joint venture (JV) to provide a floating, storage and offloading vessel (FSO) in Vietnam.

The $176m contract will allow MISC to expand its footprint as an offshore solutions provider in the ASEAN region.

Under the terms of the contract, MVOT will handle the engineering, procurement, construction, installation, commissioning, lease and operations of the FSO.

MISC has been engaged in Vietnam’s offshore development for nearly ten years and currently operates two floating assets, namely the FSO Orkid and a floating production, storage and offloading (FPSO) facility, FPSO Ruby II.

“MISC is confident of our ability to serve the various needs of the global oil and gas industry.”

Once the conversion of the vessel is completed, the FSO will be deployed for the Sao Vang and Dai Nguyet (SVDN) development project in Blocks 05-1b and 05-1c, off the coast of Vietnam.

IKC will take the FSO on lease for seven years, with the contract and the charter set to begin by mid-2020.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

MISC president and group CEO Yee Yang Chien said: “We are honoured for the trust and opportunity given for us to work together with IKC in the development of Vietnam’s oil and gas industry.

“With our broad spectrum of energy-related maritime solutions and services, be it in energy shipping or offshore solutions, MISC is confident of our ability to serve the various needs of the global oil and gas industry.”

MVOT is a JV between shipping services provider MISC Berhad and PetroVietnam Technical Services (PTSC), a technical services provider to the Vietnamese oil and gas industry.

PTSC Mechanical & Construction (PTSC M&C) won the EPCIC contract from IKC for the SVDN project in February. The contract scope includes project management, detail engineering, procurement, construction, transportation and installation, hookup and commissioning.