KUALA LUMPUR: MISC Bhd's joint venture companies have secured a five-year extension of the lease, operation and maintenance contracts from Shell Brasil for the FPSO Espirito Santo, offshore Brazil.
MISC said its two joint venture companies, Brazilian Deepwater Production BV (BDP BV) and Operações Maritimas em Mar Profundo Brasileiro Ltda (OMMPB), had entered into agreements with Shell Brasil.
OMMPB is a wholly owned subsidiary of Brazilian Deepwater Production Contractors Ltd (BDPC).
"The initial contracts were entered by the companies with Shell Brasil in 2006 with expiry date of December 2023. With the extension, the duration of the contracts will be extended until December 2028," it said.
BDP BV and BDPC are both joint venture companies between SBM Holding Inc S A (SBM) and MISC Offshore Holdings Sdn Bhd (MOHB).
SBM owns 51 per cent of equity in BDPV BV and BDPC respectively, while MOHB owns 49 per cent of equity in each of the companies.