1.0 INTRODUCTION

 The Board of Directors of MISC Berhad ("MISC" or "Company") wishes to announce that on 30 April 2026, MISC has received and accepted the Letter of Award ("LOA") from PETRONAS Gas Berhad ("PGB") for the long-term services involving the provision of supply, operation and maintenance of a newbuild FSRU to PGB ("Project"). The LOA sets out the salient terms and conditions that will form the basis for the definitive service agreement for the FSRU. In parallel, MISC has entered into a shipbuilding contract with Samsung Heavy Industries Co. Ltd. ("SHI") for the construction of one (1) newbuild FSRU for the Project.

2.0 DETAILS OF THE PROJECT

2.1 The Project will be for a firm period of twenty (20) years, with commencement expected in 2029. MISC will provide the FSRU services through its wholly owned subsidiary to PGB or its subsidiary.

2.2 The Project marks MISC's entry into the FSRU segment, leveraging its technical and operational expertise in Liquefied Natural Gas ("LNG") Carriers and Floating Storage Units. The undertaking of the Project strengthens MISC's position in pursuing flexible and scalable LNG import opportunities globally. It also reinforces MISC's strategic collaboration with the Petroliam Nasional Berhad ("PETRONAS") Group in supporting Malaysia's energy infrastructure development.

2.3 The risks potentially affecting the Project includes commercial, project execution and operational risks. Such risks are inherent in the industry, which MISC will take appropriate measures to mitigate based on its experience and expertise. 

2.4 The Project is not subject to the approval of the shareholders of MISC nor any governmental authorities.

3.0 INFORMATION ON THE PARTIES

3.1 PGB, a public listed company incorporated under the laws of Malaysia, is a 51% owned subsidiary of PETRONAS. It is a gas infrastructure and utilities company with core businesses in gas processing, gas transportation, regasification and utilities.

3.2 SHI is a limited liability company incorporated under the laws of South Korea. Its principal activity is the design, engineering, and construction of large ships, including tankers, container vessels, gas related vessels such as LNG carriers, FSRUs, Liquefied Petroleum Gas and Ammonia carriers, Liquefied Carbon Dioxide carriers, and provision of total Engineering, Procurement and Construction solution for offshore portfolio such as Floating Liquefied Natural Gas, Floating Production, Storage, and Offloading, and Fixed Platforms.

4.0 EFFECTS OF THE PROJECT

The Project does not have any effect on the share capital and shareholding structure of substantial shareholders of MISC and is not expected to have any material impact on the financial position of the MISC group of companies ("MISC Group"), including earnings per share, gearing, and net assets per share of the MISC Group for the financial year ending 31 December 2026.

5.0 INTERESTS OF DIRECTORS AND MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

Save for all the Non-Independent Non-Executive Directors and Executive Director of MISC ("Interested Directors") as well as PETRONAS (being a major shareholder of MISC and PGB), none of the directors and/or major shareholders of MISC and/or persons connected with the directors and/or major shareholders have any interest, direct or indirect, in the Project.

The nature and extent of the interest of the Interested Directors in the Project are as follows:

• Datuk Adif Zulkifli, Non-Independent Non-Executive Directors of MISC, is the Executive Vice President & Chief Executive Officer of Gas & Maritime Business, PETRONAS. He is also the Chairman of the Board of Directors of PGB.
• Puan Liza Mustapha, Non-Independent Non-Executive Directors of MISC, is the Executive Director and Executive Vice President & Group Chief Financial Officer, PETRONAS.
• Cik Wan Shamilah Wan Muhammad Saidi serves as a Non-Independent Non-Executive Director of MISC as a nominee of PETRONAS.

• The Executive Director and President & Group Chief Executive Officer of MISC, namely En. Zahid Osman is the Vice President, Maritime, Gas & Maritime Business, PETRONAS.

   

6.0 DIRECTORS' STATEMENT

The Board of Directors (save for the Interested Directors), having considered all aspects of the Project, is of the view that the Project is in the best interest of MISC, fair, reasonable and on normal commercial terms and not detrimental to the minority shareholders of MISC.

This announcement is dated 4 May 2026.