Malaysian shipping company MISC has secured a time charter contract from Japanese oil and gas company Idemitsu Kosan for the provision of a floating, storage and offloading (FSO) vessel in Vietnam.
Under the $176m contract, MISC’s 51% owned joint venture Malaysia Vietnam Offshore Terminal will be responsible for the engineering, procurement, construction, installation, commissioning, lease and operations of the FSO.
Upon conversion of the vessel, the FSO will be deployed for the Sao Vang and Dai Nguyet Development Project offshore Vietnam.
Idemitsu Kosan will charter the FSO for seven years starting from mid-2020.
