KUALA LUMPUR: MISC Bhd’s unit AET Tanker Holdings Sdn Bhd (AET) through its operating entity has bagged a long-term contract with a combined estimated value of US$475 million (RM2.04 billion) from the Norwegian multinational oil and gas company, Statoil ASA.
Statoil is headquartered in Norway and is an international energy company with operations in more than 30 countries, present in several of the most important oil and gas provinces in the world.
In an exchange filing today, the energy-related maritime solutions and services company said the contracts is to own and operate two specialist DP2 Offshore Loading Shuttle Tankers from Statoil.
MISC noted the vessels will operate in oilfields on the Norwegian Continental Shelf of the North Sea, Norwegian Sea and the southern Barents Sea.
The operations will be based on the charter periods with the estimated contract value of US$200 million (RM858.13 million) for the five-year charter period and USD275 million (RM1.18 billion) for the seven-year charter period.
MISC said Statoil will decide on the date of the charter period operations, which is expected to be announced by December 31, 2017.
Pursuant to this award contract, MISC said AET will commission Samsung Heavy Industries to build two 125,000dwt DP shuttle tankers for delivery in 2019 before chartering it to Statoil.
“The shipbuilding cost will be funded by AET’s internally generated funds and external borrowings,” it said.
MISC said the contract will not have any effect on the issued and paid up share capital and its substantial shareholding.
The contract is also not expected to have any material impact on MISC’s earnings per share, gearing and net assets per share for the financial year ending December 31, 2017.
AET is the petroleum logistics unit of MISC and specialises in the global ocean transportation of petroleum.
As of 5pm today, MISC’s share price was traded at RM7.42 with a market capitalisation of RM33.12 billion.