Malaysian shipowner MISC is adding to its FPSO fleet in a deal with Brazil's Petrobras.
The oil company is chartering a vessel to be named Mero 3 for 22.5 years from the first half of 2024.
It will be based off Rio de Janeiro in the Libra block of the Santos Basin.
This is MISC's first deep water project in Brazil - and the company believes it could be the key to further international expansion.
MISC chief executive Yee Yang Chien said the area is a hotspot for the FPSO sector.
Two-year journey to contract win
"It has been a two year journey in our march towards securing our first deep-water FPSO project in Brazil," he added.
"This project is close to the hearts of many, especially the various teams across the offshore business division who deserve a thumbs up for all their dedication and commitment in making this day a reality for the group."
He said the deal ushers in a new era for MISC through its undertaking a complex project with a huge investment that will ultimately lay the foundation for future international contracts.
The Mero field is owned by the Libra Consortium, led by Petrobras with a 40% interest, and Shell and Total with 20% each.
Other investors are CNODC and CNOOC.
