MISC and Omni go head to head in race for FSO deal

Two Southeast Asian rivals are competing for a multi-year contract to supply a leased floating storage and offloading vessel to operator Idemitsu Kosan for the $1 billion-plus Sao Vang and Dai Nguyet gas and condensate development in Vietnam.

The two opposing main contractors are Malaysia’s MISC and Singapore’s Omni Offshore Terminals, said sources.

MISC is supported by a subsidiary of PetroVietnam Technical Services Corporation (PTSC) while Omni has a local partner in the shape of PetroVietnam Transportation (PV Trans).