MISC is moving into the floating storage and regasification (FSRU) sector after winning a 20-year contract from Petronas Gas to supply, operate and maintain a newbuild FSRU for Malaysia's planned RGT-3 terminal in Lumut, Perak. The Malaysian shipowner accepted the letter of award on April 30, 2026, according to filings to Bursa Malaysia.
The contract will be delivered through a wholly owned MISC subsidiary serving Petronas Gas or its subsidiaries, with operations expected to begin in 2029. MISC said the project is not expected to have a material impact on its earnings, net assets, gearing or share capital for the financial year ending December 31, 2026.
The FSRU will be built by Samsung Heavy Industries. The South Korean yard disclosed an LNG-FSRU order from an Asian shipowner valued at KRW 484.8bn ($352m), with delivery scheduled by February 15, 2029. The award marks MISC's direct entry into regasification infrastructure, building on its existing LNG carrier and floating storage operations.
According to Petronas Gas, RGT-3 will be Malaysia's first FSRU-based regasification project. The terminal is planned with 170,000 cubic metres of LNG storage capacity and a send-out capability of 500 million standard cubic feet per day, sufficient to support roughly 3.5 gigawatts of power generation demand in Peninsular Malaysia. The facility is part of the country's strategy to reinforce gas supply security for industry and electricity generation.
Founded in 1968, MISC operates an integrated maritime portfolio spanning gas assets and solutions, petroleum and product shipping, offshore, marine services, marine and heavy engineering, and maritime training. Petronas Gas is the gas infrastructure arm of the Petronas group, with processing, transmission and regasification assets serving domestic energy and industrial demand. RGT-3 will become Petronas's third regasification terminal after Malacca and Pengerang.
Key Takeaways:
1. MISC accepted Petronas Gas's 20-year FSRU letter of award on April 30, 2026, with operations starting in 2029.
2. Samsung Heavy Industries will build the FSRU for the RGT-3 terminal in Lumut under a $352m order.
3. The terminal is sized at 170,000 m³ of LNG storage and 500 mscfd of regasification send-out capacity.
4. RGT-3 will be Malaysia's first FSRU-based regasification project and Petronas's third RGT terminal.
5. The deal extends MISC beyond LNG shipping into operating regasification infrastructure directly.
