MISC and PTSC Secure FPSO Contract, Showcasing 15 Years of Safety, Reliability, and Partnership in Vietnam in International Shipping News 16/02/2026 MISC Group (MISC), through its joint venture company, Vietnam Offshore Floating Terminal (Ruby) Ltd. (VOFT), has secured a contract for the FPSO Ruby II with Vietnam National Industry – Energy Group (Petrovietnam). The contract covers the lease, operation, and maintenance of the floating production, storage, and offloading (FPSO) unit until 31 December 2027, thereby extending the operation of FPSO Ruby II, which has been operating in Blocks 01 & 02 offshore Vietnam since achieving first oil in June 2010. As MISC’s first offshore asset in the country, the FPSO has played a foundational role in establishing the Group’s presence and reputation in Vietnam’s energy sector. This contract reflects FPSO Ruby II’s outstanding operational performance and deep trust established with Vietnam’s energy partner. MISC and PetroVietnam Technical Services Corporation (PTSC) hold 40 per cent and 60 per cent equity interests in VOFT, respectively. FPSO Ruby II Since commencement of operations, FPSO Ruby II has set an industry benchmark, operating for 5,761 days without zero Lost Time Injuries (LTI). This safety record is complemented by strong operational performance, with the asset maintaining an uptime of 99.88 per cent and safely completing 236 offtake operations, resulting in exports of over 68.5 million barrels of oil. This consistent performance has been fundamental in enabling sustained production and maximising value for the field operator. MISC President and Group CEO, Zahid Osman said “This contract, which extends the operation of FPSO Ruby II, is a strong endorsement of VOFT’s operational excellence, safety performance and ability to deliver sustained value from mature offshore assets. As MISC’s first offshore asset in Vietnam, FPSO Ruby II has been instrumental in establishing our presence and strengthening long-standing partnerships with Petrovietnam and PTSC. This aligns with MISC’s disciplined asset management strategy to secure stable cashflows from existing assets, while reflecting our broader Delivering Progress commitment to creating long-term value through safe, reliable and responsible operations.” FPSO Ruby II is an Aframax-sized vessel designed with a production capacity of 39,000 barrels of oil per day. The contract includes life-extension work such as equipment replacement and refurbishment, ensuring continued compliance with stringent safety requirements and the highest standards of operational excellence throughout the contract period. It reflects VOFT’s proven expertise in managing complex offshore brownfield assets and executing life-extension programmes safely and reliably. Source: MISC Berhad 2026-02-16 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share