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MISC to take over LNG newbuild contracts

LNG Industry,

MISC has announced that Petronas and Hyundai Heavy Industries Co. Ltd (HHI) have agreed to enter into a novation agreement for the takeover of shipbuilding contracts for newbuild LNG carriers.

In conjunction with this novation agreement, Petronas LNG has agreed to enter into time charter parties for the charter of the LNG carriers.

The newbuild LNG carriers are expected to be delivered to MISC from September 2016 to December 2017. The transaction will involve an expenditure of approximately US$1.1 billion. The time charter parties are for a period of 15 years per vessel, with a 5-year option for extension.

In a separate transaction, MISC announced that Petronas LNG has agreed to extend the charter of five refurbished Puteri class LNG carriers on a time charter basis for a further 10 years per vessel. The charters will commence from the date of delivery of each vessel to Petronas LNG, which are expected to be from September 2015 to September 2017.

Adapted from press release by Katie Woodward

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