MISC Berhad announced it entered into contracts on 9 February 2026 with ExxonMobil PNG Limited (EMPNG), operator of the PNG LNG Project, to provide a long-term bareboat charter and Operations & Maintenance (O&M) services for a Floating Storage and Offloading (FSO) unit in Papua New Guinea.
The bareboat charter covers a firm 15-year period, with the charterer holding the right to extend the charter for up to an additional 15 years. The FSO is expected to commence operations in the first half of 2028.
According to MISC Berhad, the contracts provide a strategic entry into Papua New Guinea. The unit will be the country’s first offshore floating facility and will be deployed as part of the Kutubu Pipeline System.
The company noted the contracts carry offshore-industry risks, including commercial exposure, project execution risks such as schedule slippage and cost overrun, operations and maintenance risks, and risks related to non-compliance with safety and environmental regulations. MISC Berhad said it will take appropriate measures to mitigate these risks based on its experience and expertise.
The contracts are not subject to approval by the shareholders of MISC Berhad or any governmental authorities. The company also stated the contracts do not affect its share capital or substantial shareholders’ shareholdings, and are not expected to have a material impact on earnings per share, gearing, or net assets per share for the financial year ending 31 December 2026.
EMPNG is incorporated in Papua New Guinea and is an indirect wholly owned subsidiary of ExxonMobil Corporation.
