MISC’s joint-venture firms secure five-year contract extension from Shell Brasil

In a statement today, the Malaysian shipping giant said its two JV companies had entered into an agreement with Shell Brasil on December 7, 2020. — Reuters pic
In a statement today, the Malaysian shipping giant said its two JV companies had entered into an agreement with Shell Brasil on December 7, 2020. — Reuters pic

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KUALA LUMPUR, Dec 29 — MISC Bhd’s joint-venture (JV) companies have secured a five-year extension from Shell Brasil to provide floating production storage and offloading (FPSO) Espirito Santo, located offshore Brazil.

In a statement today, the Malaysian shipping giant said its two JV companies — Brazilian Deepwater Production Ltd (BDPL) and Brazilian Deepwater Production Contractors Ltd (BDPC) — had entered into an agreement with Shell Brasil on December 7, 2020.

“The agreements were for five years’ extension of the lease, operation and maintenance contracts for the FPSO Espirito Santo located in the Campos Basin for the BC-10 field, offshore Brazil.

“The initial contracts were entered by the companies with Shell Brasil in 2006 with an expiry date of December 2023, and with the extension, the contracts will be extended to December 2028,” MISC said.

It added that BDPL and BDPC were JVs between SBM Holding Inc SA (SBM) and MISC Offshore Holdings Sdn Bhd (MOHB).

SBM owns 51 per cent equity in both BDPL and BDPC, while MOHB owns 49 per cent equity in each of the companies. — Bernama

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