MISC Bhd and Petroleum Technical Services Corp of Vietnam have secured a contract worth between US$350 and US$400 million from PC Vietnam Ltd. PC Vietnam is the operator of a production sharing contract for Blocks1and 02, located 155 kilometres East of Vung Tau, Offshore Vietnam.
In a statement, MISC said the contract was for the provision of a Floating Production Storage and Offloading (FPSO) Facility Leasing for a contractual period of eight-years.
The estimated capital expenditure for the FPSO is approximately US$260 -US$290 million.
First oil is expected to be sometime in March 2009. The repair, life extension and conversion of the FPSO will be undertaken by Malaysia Marine and Heavy Engineering Sdn Bhd, a wholly owned subsidiary of MISC, in Pasir Gudang, Johor.