MISC Berhad has entered the Thailand offshore oil and gas market after winning a US$230 million, 10-year deal with Chevron for the lease and operations of a floating storage and offloading vessel (FSO).
MISC’s wholly-owned subsidiary, MISC Offshore Floating Terminals (MOFT) signed a contract for the FSO Benchamas 2 Project by Chevron Offshore (Thailand) (COTL) in the Gulf of Thailand.
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 Q2 2018.
The contract, secured through an international competitive bidding process, for a duration of 10 years with COTL having the right to extend for up to five extensions of one-year each.
“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.
“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, COTL president.
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.
Image from MISC.