MISC Secures FPSO Ruby II Contract Extension In Vietnam Until End-2027

KUALA LUMPUR, Feb 16 (Bernama) -- MISC Bhd's joint venture company Vietnam Offshore Floating Terminal (Ruby) Ltd (VOFT) has secured a contract for the FPSO Ruby II from Vietnam National Industry – Energy Group (PetroVietnam), extending the vessel’s operations until Dec 31, 2027.

The maritime services company said in a statement today that the contract covers the lease, operation and maintenance of the floating production, storage and offloading (FPSO) unit, which has been operating in Blocks 01 and 02 offshore Vietnam since achieving first oil in June 2010.

"The FPSO Ruby II is MISC’s first offshore asset in Vietnam and has played a key role in establishing the group’s presence in the country’s energy sector," it said.

It said that MISC and PetroVietnam Technical Services Corporation (PTSC) hold 40 per cent and 60 per cent equity interests in VOFT respectively.

It added that since commencing operations, FPSO Ruby II has operated for 5,761 days without a lost time injury (LTI), maintaining an uptime of 99.88 per cent and completing 236 offtake operations, resulting in exports of over 68.5 million barrels of oil.

MISC president and group chief executive officer Zahid Osman said the contract extension was a strong endorsement of VOFT’s operational excellence and safety performance.

“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 commitment to creating long-term value through safe, reliable and responsible operations,” he said.

-- BERNAMA