1990-Built FPSO to Keep Working in Vietnam Until End of 2027

According to Offshore Energy, a joint venture (JV) company of Malaysia's MISC Group and Vietnamese PetroVietnam Technical Services Corporation will keep a 1990-built floating production, storage and offloading (FPSO) unit working in Vietnam until the end of 2027. The FPSO, which has been operating offshore Vietnam since 1995, is owned by the MISC-PetroVietnam Technical Services JV. The contract extension will see the vessel continue production and storage services for the Rang Dong oil field operated by PetroVietnam Exploration Production Corporation (PVEP). 'The contract extension demonstrates the strong collaboration between MISC and PetroVietnam Technical Services in supporting PVEP's production operations in Vietnam,' said Yee Yang Chien, President and Group CEO of MISC Berhad. The continued use of this older FPSO unit highlights the maritime industry's focus on maximizing the lifespan and productivity of existing offshore assets, rather than rapid fleet turnover. Operators are seeking to extract maximum value from capital-intensive offshore infrastructure, even as technology advances. This trend is likely to continue as the industry navigates economic headwinds and the transition to lower-carbon energy.