MISC secures US$28m contract from Petronas

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KUALA LUMPUR (Oct 2): MISC Bhd has secured a time charter party (TCP) from Petronas LNG Sdn Bhd worth US$28 million (RM117 million).

In a filing to Bursa Malaysia today, MISC said its collaboration with Avenir LNG Ltd had been awarded the three-year TCP to supply one liquefied natural gas (LNG) bunker vessel for operations primarily in Malaysian and Singapore waters.

This follows an earlier report of a collaboration between MISC and Avenir.

MISC said it will form a joint venture company named Future Horizon (L) Pte Ltd with Avenir to manage the commercial operations of the LNG bunker vessel, with the ship management to be provided by Eaglestar Shipmanagement (L) Pte Ltd, its indirect wholly-owned subsidiary.

MISC said it would own 51% in Future Horizon and the remaining 49% will be held by Avenir.

MISC said the charter for the LNG bunker vessel is expected to commence by the first quarter of 2020.

At the midday break today, MISC shares were 0.13% or 1 sen higher at RM7.90, valuing it at RM35.26 billion.

See also: Petronas subsidiary MISC in LNG venture with UK firm