Japanese petroleum company Idemitsu Kosan (IKC) has awarded a time-charter contract to the Malaysia Vietnam Offshore Terminal (MVOT) joint venture (JV) to provide a floating, storage and offloading vessel (FSO) in Vietnam.

The $176m contract will allow MISC to expand its footprint as an offshore solutions provider in the ASEAN region.

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Under the terms of the contract, MVOT will handle the engineering, procurement, construction, installation, commissioning, lease and operations of the FSO.

MISC has been engaged in Vietnam’s offshore development for nearly ten years and currently operates two floating assets, namely the FSO Orkid and a floating production, storage and offloading (FPSO) facility, FPSO Ruby II.

“MISC is confident of our ability to serve the various needs of the global oil and gas industry.”

Once the conversion of the vessel is completed, the FSO will be deployed for the Sao Vang and Dai Nguyet (SVDN) development project in Blocks 05-1b and 05-1c, off the coast of Vietnam.

IKC will take the FSO on lease for seven years, with the contract and the charter set to begin by mid-2020.

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MISC president and group CEO Yee Yang Chien said: “We are honoured for the trust and opportunity given for us to work together with IKC in the development of Vietnam’s oil and gas industry.

“With our broad spectrum of energy-related maritime solutions and services, be it in energy shipping or offshore solutions, MISC is confident of our ability to serve the various needs of the global oil and gas industry.”

MVOT is a JV between shipping services provider MISC Berhad and PetroVietnam Technical Services (PTSC), a technical services provider to the Vietnamese oil and gas industry.

PTSC Mechanical & Construction (PTSC M&C) won the EPCIC contract from IKC for the SVDN project in February. The contract scope includes project management, detail engineering, procurement, construction, transportation and installation, hookup and commissioning.