FPSO Ruby II Achieves First Oil
14 June 2010

MISC Berhad (MISC) is pleased to announce the successful completion and installation of FPSO Ruby II which achieved First Oil on 9th June 2010. The FPSO Ruby II, a Floating Production Storage & Offloading facility (FPSO) is owned and operated by Vietnam Offshore Floating Terminals (VOFT), a joint venture company between MISC and PetroVietnam Technical Services Corporation (PTSC) of Vietnam.

FPSO Ruby II which replaces FPSO Ruby Princess is leased to PC Vietnam Ltd (PCVL), the exploration and production arm of PETRONAS in Vietnam, and operator of Blocks 01 and 02, on a time charter contract for a period of eight (8) years. The FPSO is turret‐moored at the Ruby Field, 160 km offshore Vung Tau in water depths of approximately 49 metres, within Block 01 & 02, Vietnam. The overall Ruby Field development consists of the existing Ruby A and Ruby B platforms, which currently supplies the full well stream to the FPSO Ruby II, and will also include the Pearl and Topaz fields which will be tied‐in to the FPSO in the near future.

FPSO Ruby II is based on total repair, life extension and conversion of the 1990 built Aframax tanker MT Cherry II. The FPSO features a bow mounted turret with nine (9) mooring lines and slots for a total of five (5) production risers and three (3) gaslift risers. The topsides are designed for a throughput of 45,000 barrels of total liquid per day, and in addition provides gas treatment and compression facilities to handle 11.5 million standard cubic feet of gas per day.

The successful delivery of the Ruby II FPSO follows on from the previous successful delivery of the FSO Orkid in early 2009 by the same partners to Talisman Malaysia Limited’s operated PM3CAA Northern Fields Development in the Joint Development Area between Malaysia and Vietnam.

It also signifies a new milestone in MISC’s venture into the offshore oil and gas business area. The FPSO Ruby II is MISC’s first FPSO contracted through international competitive tender and delivered to a field outside Malaysia. The entire Engineering, Procurement, Construction and Commissioning (EPCC) scope of work; and entire Offshore Installation (OIC) and Operation & Maintenance scope of work through the terms of the Contract were entrusted to MISC and PTSC by VOFT respectively, representing a value of approximately US$300 million. All repair, life extension and conversion works, including turret and topside construction were performed at MISC’s subsidiary, Malaysian Marine and Heavy Engineering (MMHE) in its yard in Pasir Gudang, Johor. The project has significantly increased the technological capabilities and offshore expertise within the MISC group and represents an important stepping stone in MISC’s pursuit of future international projects.