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Petronas, HHI Novation Agreement with MISC

Maritime Activity Reports, Inc.

February 24, 2015

 Malaysia’s MISC Bhd and parent Petroliam Nasional Bhd (Petronas) have agreed to build new liquefied natural gas (LNG) carriers worth US$1.1 billion and charter them to another unit owned by the national oil and gas company for up to 20 years. 

MISC will also extend its charters of five refurbished LNG carriers to Petronas by another 10 years.
In a filing with Bursa Malaysia today, MISC said it has signed an agreement for the novation of shipbuilding contracts with Petronas and shipbuilder Hyundai Heavy Industries (HHI) Co Ltd. 
The new build LNG carriers are expected to be delivered to MISC from September 2016 to December 2017. The transaction will involve an expenditure of approximately US$1.1bil.
Concurrently, MISC said Petronas had agreed to extend the charter of five refurbished Puteri Class LNG carriers on a time charter basis for another 10 years for each refurbished LNG Carrier.
Korea-based HHI is principally involved in the business activities of shipbuilding, offshore, industrial plant engineering and machinery, electro electrical systems, green technology and construction equipment.

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