MISC, a major company in the field of energy transportation and offshore floating solutions, has reported steady growth in the global market for floating production, storage, and offloading units (FPSO), driven by increasing global offshore activity.

MISC operates a fleet of various offshore assets in Malaysia, Thailand, Vietnam, and Brazil, and holds leading positions in the global FPSO market.

In the second quarter, the company noted that the global offshore segment is expected to remain stable, supported by a large number of new FPSO contracts in Asia, South America, and Africa. Currently, six new contracts have been signed worldwide.

The FPSO segment is focused on executing already signed projects while also seeking new opportunities in high-potential markets, strengthening its position and supporting long-term value creation. However, the company does not disclose which specific projects it is targeting.

The offshore solutions provider is owned by Malaysia’s national energy company Petronas and maintains a strong presence in current FPSO projects and tenders in Southeast Asia.

Recently, MISC agreed to acquire a cylindrical FPSO unit that had been stationed in the UK awaiting a new assignment. The FPSO Excalibur, previously known as Sevan Hummingbird, was delivered in 2007 for the Chestnut project in the UK. In 2022, Ping acquired the FPSO for the Avalon project, but the unit was not put into operation.

In December, MISC confirmed it had secured a key FPSO contract from Petronas Carigali for an ultra-deepwater gas project off the coast of Brunei. The contract includes work on the Kelidang floating production facility.

In the second quarter of 2026, MISC recorded a 56.1% increase in operating profit, reaching 1.1791 billion ringgit ($292.8 million) compared to the same period last year. For the three months ending June 30, 2026, the company’s revenue rose by 76.1% to 4.79 billion ringgit.

This revenue growth was driven by higher freight rates and an increased number of operating days in the oil and petroleum transportation segment, as well as higher income from construction due to progress in building floating storage and offloading units and FPUs in the offshore segment. Additional growth came from other ongoing projects that moved into more active construction phases, as well as the completion of projects after deployment at sea in the marine and heavy engineering segment.