Malaysia’s MISC has secured a bareboat charter deal with ExxonMobil to supply Papua New Guinea’s first offshore floating storage and offloading (FSO) unit.
The 15-year firm contract carries an option for ExxonMobil’s Papua New Guinea arm to extend another 15 years. Operations will kick off in the first half of 2028 under the Kutubu Pipeline System, marking MISC’s strategic entry into PNG’s energy sector.
No financial details were disclosed, with MISC stating the deal won’t materially impact earnings per share, gearing, or net assets per share for FY2026 ending 31 December.
The FSO deployment marks PNG’s first offshore floating facility, bolstering ExxonMobil’s regional operations and expanding MISC’s footprint beyond traditional tanker markets into long-term energy infrastructure support.
