MISC Bhd has clinched a landmark chartering contract from ExxonMobil PNG Ltd to supply a floating storage and offloading (FSO) unit in Papua New Guinea.
The bareboat charter runs for a firm 15-year period, with an option for ExxonMobil to extend for another 15 years, according to a filing with Bursa Malaysia. Operations are slated to begin in the first half of 2028.
The facility will mark Papua New Guinea’s first offshore floating unit, deployed under the Kutubu Pipeline System. MISC described the project as a strategic entry into the country’s energy sector.
No contract value was disclosed. The group noted, however, that the charter will not materially affect its earnings per share, gearing, or net assets per share for the financial year ending Dec 31, 2026.
At Tuesday’s midday break, MISC shares eased one sen or 0.1% to RM8.09, giving the group a market capitalisation of RM36.11 billion. The stock has risen 11.9% over the past year.
Source: TheEdgeMalaysia