KUALA LUMPUR: MISC Group said its joint venture company, Vietnam Offshore Floating Terminal (Ruby)
Ltd (VOFT), has secured a contract for the FPSO Ruby II with Vietnam National Industry – Energy
Group (Petrovietnam).
In statement, the group said the contract covers the lease, operation, and maintenance of the floating production, storage, and offloading (FPSO) unit until Dec 31, 2027.
This extends the operation of FPSO Ruby II, which has been operating in Blocks 01 & 02 offshore Vietnam since achieving first oil in June 2010.
MISC holds a 40% stake in VOFT, while PetroVietnam Technical Services Corporation (PTSC) owns the remaining 60%.
As MISC’s first offshore asset in the country, the FPSO Ruby II - an Aframax-sized vessel designed with a production capacity of 39,000 barrels of
oil per day - has played a foundational role in establishing establishing the group's presence and strengthening long-standing partnerships with Petrovietnam and PTSC.
"This aligns with MISC’s disciplined asset
management strategy to secure stable cashflows from existing assets, while reflecting our broader
Delivering Progress commitment to creating long-term value through safe, reliable and responsible
operations," said MISC president and group CEO Zahid Osman.
