KUALA LUMPUR (Feb 16): MISC Bhd (KL:MISC) said its joint venture (JV) company has secured a contract extension for its floating production, storage and offloading (FPSO) Ruby II offshore in Vietnam until Dec 31, 2027. 

The contract — covering the lease, operation and maintenance of the vessel — was awarded by Vietnam National Industry – Energy Group (Petrovietnam) to Vietnam Offshore Floating Terminal (Ruby) Ltd (VOFT), a JV 40%-owned by MISC and 60%-held by PetroVietnam Technical Services Corporation (PTSC).

According to a statement by MISC, the extension allows FPSO Ruby II to continue operating in Blocks 01 & 02 offshore Vietnam, where it has been producing since achieving first oil in June 2010. FPSO Ruby II is an Aframax-size vessel designed with a production capacity of 39,000 barrels of oil per day. The contract includes life-extension work such as equipment replacement and refurbishment.  

As MISC’s first offshore asset in Vietnam, the FPSO has been instrumental in establishing the group’s presence in the country, said MISC president and group chief executive officer Zahid Osman in the statement.

He added that the extension strengthens the group’s long-standing partnership with Petrovietnam and PTSC, and aligns with its strategy of securing stable cash flows from existing assets while maintaining safe and reliable operations.

At Monday’s noon break, shares of MISC rose four sen or 0.50% at RM8.10, giving it a market capitalisation of RM36.16 billion.