Kuala lumpur: MISC Bhd has secured contracts from ExxonMobil PNG Ltd, operator of the Papua New Guinea liquefied natural gas project, to provide a long-term bareboat charter as well as operations and maintenance services for a floating storage and offloading (FSO) unit.

According to BERNAMA News Agency, MISC revealed in a filing to Bursa Malaysia that the bareboat charter has a firm tenure of 15 years, with an option for the charterer to extend the contract by up to 15 years. This strategic move marks MISC's entry into Papua New Guinea's market, where the FSO will serve as the country's first offshore floating facility.

The FSO is expected to commence operations in the first half of 2028. MISC further noted that the facility will be deployed as part of the Kutubu Pipeline System, enhancing the infrastructure of Papua New Guinea's energy sector.