MISC secures RM1.78b long-term FSO charter contract

PETALING JAYA: MISC Bhd has signed a long-term charter contract with Hess Exploration and Production Malaysia B.V. for the lease of a floating, storage and offloading facility (FSO) known as FSO Mekar Bergading on a bareboat basis, for a contract value of US$441 million (RM1.78 billion).
"The contract is pursuant to a sale and charter agreement in respect of the FSO between HESS and MISC, which resulted in MISC acquiring ownership of the FSO from Hess," MISC told the stock exchange.
It said the lease period to Hess is set to go on for 16 years and will commence on September 1.
Netherlands-based Hess is a global independent energy company engaged in the exploration and production of crude oil and natural gas.
At 2.45pm, MISC shares fell 8 sen or 1.3% to RM5.91 on 340,100 shares done.