MISC agrees to take over USD 1.1 billion LNG newbuild contracts

MISC agrees to take over USD 1.1 billion LNG newbuild contracts

MISC said that Petronas and Hyundai Heavy Industries have agreed to enter into a novation agreement with the company for the novation of shipbuilding contracts between Petronas and HHI to the company, for the construction and delivery of the newbuild LNGCs.

In conjunction with the novation agreement, Petronas via its unit, Petronas LNG, has also agreed to enter into time charter parties for the charter of the newbuild LNGCs, the company said in a statement.

The newbuild LNGCs are expected to be delivered to MISC from September 2016 to December 2017. The transaction will involve an expenditure of approximately $1.1 billion. The TCPs are for 15 firm-years for each vessel commencing upon delivery of the newbuild LNGCs to PLSB and will have a charterer’s option for extension for another five years.

In a separate transaction, MISC said that PLSB has agreed to extend the charter of five refurbished Puteri Class LNG carriers on a time charter basis for another ten years for each refurbished LNG carrier. The charters commence from the date of delivery of each refurbished vessel to PLSB, which are expected to be from September 2015 to September 2017.

Image: MISC

Share this article

Follow LNG World News

2 thoughts on “MISC agrees to take over USD 1.1 billion LNG newbuild contracts”

Comments are closed.

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Nov 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >

Budapest LNG Summit 2019

The Budapest LNG Summit is a niche event focused on the up and coming LNG region of Central & Eastern Europe (CEE).

read more >