MISC secures 15-year charter deals with ExxonMobil for two new LNG carriers

Houston - 10 October 2019

MISC Berhad (MISC) through its wholly-owned subsidiarieshave securedagreementswithExxon Mobil Corporation’s wholly-owned subsidiary,SeaRiver Maritime LLC(SeaRiver)for the time charter contractsoftwo Liquefied Natural Gas (LNG) carriers.Each of the LNG carriers will respectively serve the transportation needs of ExxonMobil’s worldwide LNG portfolioon a 15-year charter contract.

Prior to this, MISC, through the same subsidiaries have also signed an agreement with Samsung Heavy Industries Co., Ltd. (SHI) for the construction of the LNG carriersin Korea.The vessels will have a capacity of 174,000 cubic metres (cbm) and will feature state-of-the-art technologies including modern XDF propulsion, Mark III Flex Plus containment systemand full re-liquefaction facilityfor higher efficiencies andto meet the demand forworldwide trading andlong-haulvoyages.The LNG carriers are expected to be delivered inthefirstquarter of 2023.

MISC’s President / Group Chief Executive Officer, Mr. Yee Yang Chien said “This is certainly a landmarkmoment for MISC,and we are proud to expand this strategicpartnership with ExxonMobil through SeaRiverin providing best-in-class shipping solutions,beginning with Petroleumand now LNG.With our broad spectrum of energy relatedmaritime solutions and services, MISC is confident of ourability to serve the various needs of the global oil and gas industry.Wehonourthe trust andvalue the opportunity given for us to support ExxonMobilin ensuringsafe, efficient and reliable transportation of LNG.Ultimately this partnershipis a testament toour capabilities of fulfilling the world’s growing demandsfor this energy source.”

“Our cooperation with MISC is an integral part of ExxonMobil’s commitment to provide flexible solutions in the open and dynamic LNG marketplace,” said Alex Volkov, Vice President of Global LNG Marketing at ExxonMobil. “The addition of these two vessels will help us build a competitive LNG value chain as ExxonMobil continues to grow its global gas portfolio and expand supply positions to meet evolving needs of our customers.”

During the signing of the agreements in Houston, MISC was represented by its Vice President of LNG Business, Mr. Zahid Osman while SeaRiverwas represented by its Vice President Global Marine Commercial & Planning, Mr. Doug Grote.

Seated from left to right for the signingof the agreementsareMr. Doug Grote, Vice President Global Marine Commercial & Planning,SeaRiver, Mr. Zahid Osman, Vice President of LNG Business, MISC and Ms. Helen Park, Vice President Sales & Marketing, SHI. Also present were the teams from the respective companies.

MISC is currently one ofthe largest single owner-operators of LNG tankers in the world withmore than three decades of distinguished reputation for overall operational excellence, reliability, safety and on-time cargo deliveries.At present, its LNG fleet consistsof 29 LNG carriers and two FSUs with a combined deadweight tonnage (dwt) capacity of over 2 million dwt.

About MISC Berhad
MISC Berhad (MISC), was incorporated in 1968 and is a world leading provider of international energy related maritime solutions and services. The principal businesses of the Group comprise energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, integrated marine services, port and terminal services as well as maritime education and training.

As of 30 June 2019, MISC Group’s fleet consists of more than 100 owned and in-chartered Liquefied Natural Gas (LNG), Petroleum and Product vessels, 15Floating Production Systems (FPS) as well as 2 LNG Floating Storage Units (FSUs). The fleet has a combined deadweight tonnage (dwt) capacity of approximately 16 million tonnes

MISC Berhad press release