MISC Unit Bags US$230 Million Contract From Chevron Offshore Thailand

KUALA LUMPUR, Aug 24 (Bernama) -- MISC Bhd's wholly-owned subsidiary, MISC Offshore Floating Terminals (L) Ltd (MOFT), has been awarded a US$230 million contract by Chevron Offshore (Thailand) Ltd (COTL) in the Gulf of Thailand. The contract is for a 10 year lease and operations of a floating, storage and offloading (FSO) vessel for the FSO Benchamas 2 Project with COTL having the right to extend up to five extensions of one year each. "It was secured through a competitive bidding and will be MISC's maiden foray into Thailand's offshore oil and gas market. "The scope of work includes engineering, procurement, construction, installation, commissioning, lease and operations of FSO Benchamas 2 Project, which is expected to commence operations by the second quarter of 2018," the company said in a filing to Bursa Malaysia (Malaysia's Stock Exchange) on Tuesday. MOFT was incorporated in Malaysia and is principally involved in owning and leasing of offshore, floating, productionand offloading terminals. COTL is a company incorporated in Thailand and is primarily involved in oil and gas exploration and production businesses. The contract is not expected to have any material impact on the earnings per share, gearing and net assets per share of the company for the financial year ending Dec 31, 2016. --BERNAMA