A joint venture (JV) company of Malaysia’s MISC Group and Vietnamese PetroVietnam Technical Services Corporation (PTSC) has secured a contract that will keep a 1990-built floating production, storage, and offloading (FPSO) vessel working in Vietnam.
The contract awarded to Vietnam Offshore Floating Terminal (Ruby) (VOFT) by Petrovietnam, Vietnam’s oil, gas and energy industry corporation, covers the lease, operation, and maintenance of the FPSO Ruby II until December 31, 2027.
This extends the operation of the unit in Vietnam, which has been operating in Blocks 01 and 02 since achieving first oil in June 2010.
The scope includes life-extension work such as equipment replacement and refurbishment, ensuring continued compliance with safety requirements throughout the contract period, MISC said.
MISC and PTSC hold 40% and 60% equity interests in VOFT, respectively.
“This contract, which extends the operation of FPSO Ruby II, is a strong endorsement of VOFT’s operational excellence, safety performance and ability to deliver sustained value from mature offshore assets. As MISC’s first offshore asset in Vietnam, FPSO Ruby II has been instrumental in establishing our presence and strengthening long-standing partnerships with Petrovietnam and PTSC,” said MISC President and Group CEO Zahid Osman .
“This aligns with MISC’s disciplined asset management strategy to secure stable cashflows from existing assets, while reflecting our broader Delivering Progress commitment to creating long-term value through safe, reliable and responsible operations. “
Ruby II is an Aframax-sized vessel designed with a production capacity of 39,000 barrels of oil per day. According to MISC, since the start of operations, the vessel operated for 5,761 days with zero lost time injuries (LTI), maintaining an uptime of 99.88% and completing 236 offtake operations, resulting in exports of over 68.5 million barrels of oil.