MISC, through its joint venture Vietnam Offshore Floating Terminal (Ruby) (VOFT), has secured a contract for the Ruby II floating production, storage and offloading (FPSO) unit with Petrovietnam, extending the unit’s lease, operation and maintenance until the end of 2027.
Ruby II FPSO has been operating in Blocks 01 & 02 offshore Vietnam since achieving first oil in June 2010.
VOFT is jointly owned by MISC, which holds a 40% stake, and PetroVietnam Technical Services Corporation (PTSC), which holds 60%.
Since the start of operations, Ruby II FPSO has operated for 5,761 days without zero Lost Time Injuries (LTI), maintained an uptime of 99.88%, and completed 236 offtake operations, exporting more than 68.5 million barrels of oil.
Ruby II FPSO is an Aframax-sized vessel with a production capacity of 39,000 barrels of oil per day. The contract includes life-extension works such as equipment replacement and refurbishment to ensure continued compliance with safety and operational standards throughout the extended period.
“This contract, which extends the operation of FPSO Ruby II, is a strong endorsement of VOFT’s operational excellence, safety performance and ability to deliver sustained value from mature offshore assets. As MISC’s first offshore asset in Vietnam, FPSO Ruby II has been instrumental in establishing our presence and strengthening long-standing partnerships with Petrovietnam and PTSC.
“This aligns with MISC’s disciplined asset management strategy to secure stable cashflows from existing assets, while reflecting our broader Delivering Progress commitment to creating long-term value through safe, reliable and responsible operations,” said Zahid Osman, MISC President and Group CEO.