IKC to hire MISC FSO for development project off Vietnam

Malaysia’s maritime solutions and services provider MISC Berhad has been awarded a time charter contract by Idemitsu Kosan Co. (IKC) for the provision of a floating storage and offloading vessel (FSO).

Illustration; Image by: Jon Olav Eikenes; Source: Flickr – under the CC BY 2.0 license

MISC said on Monday that the contract was awarded through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC).

The company added that, upon conversion of the donor vessel, the FSO would be deployed for the Sao Vang and Dai Nguyet gas and condensate development project in Blocks 05-1b and 05-1c offshore Vietnam.

Under the contract, the FSO will be leased by IKC for a firm period of seven years with an estimated contract value of $176 million. The charter is expected to begin by mid-2020.

To remind, McDermott was awarded a contract by PTSC for IKC back in May for sizeable transportation and installation subcontract on Sao Vang and Dai Nguyet fields.

PTSC, a company incorporated in Vietnam, is a member of Vietnam Oil and Gas Group and is primarily involved in the supply of technical services to the oil & gas industry in Vietnam while IKC is engaged in the exploration, development, and extraction of petroleum, coal, and geothermal resources.