MISC working on FPSO deals to up offshore biz contribution

KUALA LUMPUR: MISC Bhd is working on three to four floating, production, storage and offloading (FPSO) deals that can potentially push its offshore business contribution to make up a third of its profits, from 20% in 2016.

President and group CEO Yee Yang Chien said these deals, including acquisitions and submission of bids, are both in the global and Asian region.

"We're hoping that one or two can materialise this year," he told a press conference after its AGM here today.

Yee explained that profit from the offshore business can increase to one third if the three to four FPSO deals can be secured, and assuming its other segments like LNG shipping as well as petroleum and product shipping do not grow.