MISC secures FPU project in Brunei

Maybank IB said it believes MISC would be unlikely to take on more than one project at a time to avoid stretching its balance sheet capacity and project management bandwidth.

PETALING JAYA: MISC Bhd has secured a contract from PETRONAS Carigali Brunei Ltd (PCBL) to lease, operate and maintain a floating production unit (FPU) for a natural gas development project in Brunei.

PCBL is a wholly owned indirect subsidiary of Petroliam Nasional Bhd (PETRONAS).

In a filing with Bursa Malaysia, MISC said the award followed an international competitive bidding exercise.

The charter is for 12 years from PCBL’s acceptance of the FPU, with an option for three one-year extensions. The unit is slated to begin operations in the first half of 2029.

MISC’s net profit in the third quarter ended Sept 30, 2025 (3Q25) stood at RM541.8mil, or 12.10 sen per share.

Revenue, meanwhile, dipped 6% year-on-year to RM2.8bil. In a filing last month on 3Q25 earnings, the group said liquefied natural gas carrier charter rates are expected to remain soft due to continued vessel oversupply.