OceanSTAR Elite (OSE) has secured a major long-term offshore contract with PETRONAS Carigali Sdn. Bhd. (PCSB) for the provision of lease, operation and maintenance (O&M) of a new-build Floating Production Storage and Offloading (FPSO) unit. The agreement includes a 15-year firm charter period with extension options and will support the Sepat Integrated Redevelopment Project located offshore Terengganu, Peninsular Malaysia. This award further strengthens Malaysia’s offshore oil and gas sector while reinforcing OceanSTAR’s position as a competitive FPSO solutions provider in Southeast Asia.
Under the contract, OceanSTAR Engineering Holding Sdn Bhd will undertake the full Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) scope for the new FPSO. The project involves the construction of a new-build hull and integration of all topside production facilities. Designed as a spread-moored FPSO unit, the vessel will operate in approximately 70 meters of water depth at the Sepat Field Redevelopment in Block PM313 and will be capable of processing a minimum of 30,000 barrels of liquid per day (bpd).
The FPSO will be equipped with advanced gas injection and gas lift systems to optimize hydrocarbon recovery, along with provisions for future water injection to support sustainable long-term production. These integrated processing capabilities will enable efficient field redevelopment while enhancing operational flexibility and asset longevity.
A key highlight of the project is the deployment of OceanSTAR’s AiP-approved standardized hull design, the OSE GH200 “Generic Hull.” This marks the third FPSO unit developed based on the GH200 platform under the company’s “Design-One, Build-Many” concept. The standardized approach improves engineering efficiency, shortens project timelines, reduces construction risk, and enhances cost predictability—offering strategic advantages for both OceanSTAR and PETRONAS.
The Sepat FPSO represents one of the first new-build FPSO developments contracted by PETROLIAM NASIONAL BERHAD (PETRONAS) for offshore deployment in Malaysia. The project signals continued upstream investment and underscores PETRONAS’ commitment to modern floating production infrastructure to maximize recovery from mature offshore fields. By leveraging advanced FPSO technology, PETRONAS aims to strengthen Malaysia’s long-term offshore production sustainability and energy security.
The project is currently progressing through the detailed engineering phase, with critical long-lead equipment being secured to maintain schedule integrity. OceanSTAR’s project team in Kuala Lumpur is working closely with PCSB to ensure seamless coordination, strong project governance, and successful execution across all development stages.
This 15-year FPSO lease and O&M contract further demonstrates OceanSTAR Elite’s capability to deliver integrated floating production solutions across the full project lifecycle—from design and construction through to long-term operation and maintenance. The award marks a significant milestone in the company’s growth strategy and reinforces its expanding footprint in Malaysia’s offshore oil and gas market.
