Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.
MISC Offshore Floating Terminals (L) Limited (“MOFT”) signed the contract for the lease and operations of a Floating, Storage and Offloading Vessel (“FSO”) for the FSO Benchamas 2 Project by Chevron Offshore (Thailand) Ltd. (“COTL”) in the Gulf of Thailand.
The contract was secured through an international competitive bidding process and marks MISC’s maiden foray into Thailand’s offshore oil and gas market. It is valued at approximately USD230 million for a duration of 10 years with COTL having the right to extend for up to 5 extensions of one year each.
As part of the contract, the scope of work for MOFT includes engineering, procurement, construction, installation, commissioning, lease and operations of the FSO Benchamas 2 Project which is expected to commence operations by the second quarter of 2018.
“This is a milestone achievement for MISC in winning the contract and it is significant to us, being our first collaboration with Chevron in the offshore segment,” said MISC’s President / Chief Executive Officer, Mr. Yee Yang Chien. “With our broad spectrum of energy related maritime solutions and services, be it in energy shipping or offshore solutions, MISC is confident of our ability to serve the various needs of the global oil and gas industry. We are honored for the trust and opportunity given to MISC for us to work together with Chevron towards the development and sustainability of Thailand’s oil & gas sector.”
“I would like to congratulate Chevron and its partners on another impressive milestone in their mission to enhance Thailand’s long term energy security. I am pleased that the advanced technology and safety upgrades of the vessel will help ensure continuity of petroleum production for the Thai people,” said Dr. Areepong Bhoocha-oom, Permanent Secretary of the Ministry of Energy, Thailand.
“We truly appreciate the support and cooperation of the Thai government over the past 53 years. This significant investment on the FSO replacement is a testament to Chevron’s commitment to supply long-term, safe and reliable energy for the Kingdom of Thailand,” said Mr. Pairoj Kaweeyanun, President of Chevron Offshore Thailand, Ltd.