Singapore-based shipbuilder OceanSTAR Elite has signed a long-term contract with Petronas Carigali, the Malaysian national oil company, to provide the latter with leasing, operation, and maintenance services for floating production storage and offloading (FPSO) vessels.
The contract was awarded through OceanSTAR Engineering Holding, OceanSTAR Elite’s Malaysian subsidiary. The agreement includes a 15-year fixed lease with extension options and will support Petronas Carigali’s Sepat integrated redevelopment project off the coast of Peninsular Malaysia.
OceanSTAR will be fully responsible for the engineering, procurement, construction, installation, and commissioning (EPCIC) of the new FPSO hull and all related superstructure. The project is currently in the engineering design phase, and the procurement of long-lead-time equipment has begun.
This hull is the third FPSO developed by OceanSTAR based on the “design once, build in batches” concept with a standardized hull design.
This type of FPSO was built specifically for the Sepat oilfield redevelopment project in the PM313 block. It adopts multi-point mooring, operates in water depths of approximately 70 meters, and has a daily liquid processing capacity of no less than 30,000 barrels. It will be equipped with advanced gas injection, gas lift, and future water injection systems to ensure efficient and sustainable production.
This project is understood to be one of the first new FPSO development projects deployed by Petronas, the Malaysian national oil company, in the Malaysian offshore area. This year, Petronas Carigali awarded a contract for the Sepat project: Vantris Energy won the bid for the marine transport and installation works, scheduled for completion in the third quarter of 2029.