Petronas Picks OceanSTAR Elite FPSO for Asian Oil and Gas Project
March 3, 2026
OceanSTAR Engineering, a subsidiary of OceanSTAR Elite, has entered into a long-term contract with Petronas for the provision of lease, operation and maintenance of a floating production storage and offloading (FPSO) unit supporting the Sepat Integrated Redevelopment Project offshore Terengganu in Malaysia.
The contract comprises a 15-year firm charter period with extension options.
OceanSTAR will undertake the full engineering, procurement, construction, installation and commissioning (EPCIC) of a new-build FPSO hull and all related topside facilities.
The hull will be the third unit based on the company’s AiP-approved standardized hull design, OSE GH200 – Generic Hull, developed under the Design-One, Built-Many concept.
The FPSO is being developed for the Sepat Field Redevelopment in Block PM313 and will be a spread-moored unit operating in approximately 70 meters of water depth.
It will be capable of processing a minimum of 30,000 barrels of liquid per day and will be equipped with gas injection, gas lift and future water injection systems.
The award represents one of the first new-built FPSO developments contracted by Petronas for deployment offshore Malaysia, according to the company.
OceanSTAR said the project reflects its ability to deliver integrated floating production solutions across the project lifecycle, from design and construction through to long-term leasing, operation and maintenance.
The project is currently in the detailed engineering phase, with critical long-lead equipment being secured.
