MISC secures long-term charter with ExxonMobil in Papua New Guinea

KUALA LUMPUR: 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 in Papua New Guinea.

It said in a bourse filing the bareboat charter of the floating storage and offloading unit (FSO) is for a firm period of 15 years with thhe 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 Papua New Guinea. The FSO will be Papua New Guinea’s first offshore floating facility and will be deployed as part of the Kutubu Pipeline System," said MISC.