MISC wins RM2.57bil contract

Firm secures Petrobras job to own and operate four specialist tankers

KUALA LUMPUR: MISC Bhd has secured a US$645mil (RM2.57bil) long-term charter contract to own and operate four specialist tankers from Petróleo Brasileiro S.A. – Petrobras of Rio de Janeiro, Brazil (Petrobras).

In a filing with Bursa Malaysia yesterday, the maritime services company said its wholly-owned subsidiary AET Tanker Holdings Sdn Bhd, through its vessel-owning entity, has been awarded long-term charter contracts to own and operate four specialist DP2 Suezmax size Shuttle Tankers from Petrobras for operations in interna- tional and Brazilian waters.

“MISC wishes to announce that the estimated contract value over the firm charter period of 10 years is US$645mil,” it said.

According to a press release, the four 152,000 DWT DP2 shuttle tankers will be built by a Korean shipyard for delivery in 2020.

The vessels, compliant to IMO NOx Tier 3 requirement, will be built in accordance with Petrobras’ latest technical requirement for DP2 shuttle tankers and installed with a ballast water treatment system.

Each will be equipped with high power thrusters and generators fully capable of operating in harsh weather conditions.

These new vessels will be in addition to the two AET DP2 ships currently on charter in the Brazilian Basin for Petrobras.

MISC Bhd president & group CEO and AET chairman Yee Yang Chien said the contract award proves that growth remains possible for MISC despite the present challenging operating conditions for tanker operators.

“It reaffirms MISC’s belief in the prospects of growth in the oil production supply chain.

“AET’s latest success in the shuttle tanker segment is another step forward in the MISC Group’s commitment in expanding its business presence in the Brazilian oil and gas industry, that includes the fast growing FPSO market,” he said in a recent press release.

In June 2017, AET was awarded a contract to build and operate two LNG dual-fuelled DP2 Offshore Loading Shuttle Tankers for service in oilfields on the Norwegian Continental Shelf including the North Sea, Norwegian Sea and the southern Barents Sea, as well as the UK Continental Shelf.