RM4.8b CASH BALANCE 0.14x NET DEBT TO EQUITY RATIO IMPROVED FROM 0.22 INTERIM DIVIDENDS PAID Sep 2014 Mar 2015 CORPORATE DEVELOPMENTS I am happy to report that, arising from the efforts and negotiations during the financial year, we had successfully secured a novation of contracts from PETRONAS in February 2015, for the construction of five (5) new LNG vessels. The Group had subsequently entered into long-term charters for each of these vessels with PETRONAS as well. In addition to these new vessels, the Group had also concluded negotiations with PETRONAS for the extension of the charters of the Puteri Class LNG vessels for another 10 years. These new vessels, along with the charter extensions for the Puteri Class will further stamp MISC’s position as a leading LNG ship owner/operator in the world. Another notable accomplishment during the year was the delivery and commissioning of the FPSO Cendor. The FPSO Cendor conversion project had been undertaken by our subsidiary Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) which included the procurement, construction and commissioning of the asset. With the inclusion of the FPSO Cendor, as at December 2014, we have six (6) FPSOs (inclusive of those jointly-owned), making MISC the sixth largest owner and operator of FPSOs in the world. p 49 MISC BERHAD - Annual Report 2014
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