General – Newbuilding
MISC has secured a Bareboat Charter and O&M Contract for 15Y firm + 15Y options, to build and operate Papua New Guinea’s first floating storage and offloading vessel for ExxonMobil.
The newbuild FSO will be deployed at the Kumul Marine Terminal under the Kutubu Pipeline System, supporting storage and offloading of crude and condensate linked to the 8.3MTPA PNG LNG project.
Designed for a 30-year lifespan with minimum storage capacity of 800,000 barrels, the FSO is scheduled for deployment in H1, 2028.
The FSO will also be capable of handling condensate for future developments, reinforcing its long-term strategic value within PNG’s evolving energy landscape.
Further to providing strong revenue visibility, this project will be delivered through MISC’s integrated portfolio and strengthens MISC’s global partnership with ExxonMobil while marking its entry into the PNG offshore market, following recent expansion into Brunei.
