PETALING JAYA: MISC Bhd
has inked a contract with ExxonMobil PNG Limited, the operator of the PNG LNG project, for the provision of long-term bareboat charter and operations and maintenance for a floating storage and offloading unit (FSO) in Papua New Guinea (PNG).
It said in a Bursa Malaysia filing the bareboat charter of the FSO was for a firm period of 15 years with the charterer having the option to extend for up to an additional 15 years.
The FSO is expected to commence operations in the first half of 2028.
“The contracts provide MISC with a strategic entry into PNG. The FSO will be PNG’s first offshore floating facility and will be deployed as part of the Kutubu Pipeline System,” said MISC.
Risks include commercial, project execution risk and cost overruns.
