MISC enters Thailand with Chevron win

MISC enters Thailand with Chevron win

MISC Berhad has broken into the Thailand offshore oil and gas market
following a US$230 million win from Chevron for the lease and operations of
a floating storage and offloading vessel (FSO).

MISC's wholly-owned subsidiary, MISC Offshore Floating Terminals (MOFT)
entered into an agreement for the lease and operations for the FSO Benchamas
2 Project by Chevron Offshore (Thailand) (COTL) in the Gulf of Thailand.

The scope of work for MOFT includes engineering, procurement, construction,
installation, commissioning, lease and operations of the FSO Benchamas 2
Project which is expected to commence operations by Q2 2018.

The contract, secured through an international competitive bidding process,
for a duration of 10 years with COTL having the right to extend for up to
five extensions of one-year each.

"I am pleased that the advanced technology and safety upgrades of the vessel
will help ensure continuity of petroleum production for the Thai people,"
said Dr. Areepong Bhoocha-oom, Permanent Secretary of the Ministry of
Energy, Thailand.

"This significant investment on the FSO replacement is a testament to
Chevron's commitment to supply long-term, safe and reliable energy for the
Kingdom of Thailand," said Mr. Pairoj Kaweeyanun, COTL president.

The signing of the agreement took place at the Miracle Grand Convention
Hotel, Bangkok. MISC was represented by Tuan Syed Hashim B. Syed Abdullah,
vice president offshore business unit and COTL was represented by Mr. Pairoj
Kaweeyanun, president of COTL.

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Ref:
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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com