MISC Secures Long-Term Contract to Own, Operate Two Offshore Loading Shuttle Tankers From Statoil

By Yantoultra Ngui

KUALA LUMPUR, Malaysia--Malaysian shipping company MISC Bhd. (3816.KU) said Thursday that it has secured a long-term contract to own and operate two specialist offshore loading shuttle tankers from Statoil ASA.

MISC, which is one of the largest shippers of liquefied natural gas in the world, said the contract was for operations in oilfields on the Norwegian Continental Shelf of the North Sea, Norwegian Sea and the southern Barents Sea.

MISC said Statoil has yet to decide on the charter period, which was could be either for five years with an estimated contract value of $200 million, or seven years for $275 million. Statoil will announce the decision by Dec. 31, 2017, MISC added.

MISC said the contract isn't expected to have any material impact to its earnings per share, gearing and net assets for this year.

Shares of MISC ended Thursday 0.9% lower at MYR7.42 prior to the announcement. Shares of the company have climbed 1.9% year-to-date.

Write to Yantoultra Ngui at [e-mail].

(END) Dow Jones Newswires

June 22, 2017 06:28 ET (10:28 GMT)

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