MISC Enters Thai Offshore O&G Market
Pairoj Kaweeyanun, President of Chevron Offshore Thailand, Ltd., and Tuan Syed Hashim Syed Abdullah, Vice President Offshore Business of MISC Berhad, after the signing of agreement between Chevron Offshore (Thailand) Ltd. and MISC Offshore Floating Terminals (L) Limited. (Photo: MISC Berhad)
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’s wholly-owned subsidiary, MISC Offshore Floating Terminals (L) Limited (MOFT) signed a contract for the lease and operations of a Floating, Storage and Offloading Vessel (FSO) for the FSO Benchamas 2 Project by Chevron (CVX) 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 $230 million for a duration of 10 years with COTL having the right to extend for up to five 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.
MISC’s President and Chief Executive Officer, Yee Yang Chien, said that the contract reflects the confidence of its business partners in MISC’s capability and reliability.
“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.
MOFT was incorporated in Malaysia and is principally involved in owning and leasing of offshore, floating, production and offloading terminals.
COTL is a company incorporated in Thailand and is primarily involved in oil and gas exploration and production businesses.
The signing of the agreement took place at the Miracle Grand Convention Hotel, Bangkok. MISC was represented by Tuan Syed Hashim B. Syed Abdullah, Vice President Offshore Business Unit and COTL was represented by Mr. Pairoj Kaweeyanun, President of Chevron Offshore (Thailand) Ltd.
