MISC takes over five Petronas LNG newbuild contracts

FEBRUARY 24, 2015 — Malaysian state owned oil and gas company Petronas has signed a novation agreement with shipbuilder Hyundai Heavy Industries that will see MISC Berhad (which is 63% owned by Petronas) take over a $1.1 billion shipbuilding contract for five newbuild LNG carriers.

Petronas, through its indirect subsidiary Petronas LNG Sdn Bhd, will time charter the vessels  from MISC. The time charter parties are for 15 firm years from delivery of the newbuilds with a charterer’s option for a five year extension.

The vessels are set for deliveries from the shipyard from September 2016 to December 2017.