MISC secures RM558m contract to supply 2 LNG ships

  • Business
  • Tuesday, 27 Nov 2018


KUALA LUMPUR: MISC Bhd has secured two contracts to supply two of its liquified natural gas (LNG) carriers to LNG Shipping S.p.A for US$133mil (RM558mil).

MISC announced to Bursa Malaysia on Tuesday the time charters for the LNG Portovenere and LNG Lerici for operations in international waters. 

“The vessels will be chartered by LSS for a period of five years with an estimated combined contract value of US$133mil. The charter for LNG Portovenere is expected to commence in December 2018 whereas the charter for LNG Lerici is expected to commence by January 2019,” it said.

MISC said the contracts are pursuant to a memorandum of agreement between LSS and MISC, which resulted in MISC acquiring ownership of the vessels from LSS.

“Pursuant to the contracts, LSS, 100% owned by Eni S.p.A., was incorporated on July 26,  2001 and operates in the transportation by sea of liquefied natural gas (LNG) through the use of two proprietary vessels above, each with a capacity of 65,000 cubic metres. LSS also provides support to Eni S.p.A for shipping needs and the LNG business,” it said.
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