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January 17, 2020

Yinson secures new extension for PTSC Lam Son FPSO in Vietnam

Malaysian floating production storage and offloading (FPSO) provider Yinson has won a short-term extension for its FPSO PTSC Lam Son operating offshore Vietnam.

By Himaja Ganta

Malaysian floating production storage and offloading (FPSO) provider Yinson has won a short-term extension for its FPSO PTSC Lam Son operating offshore Vietnam.

Yinson said that its Vietnamese joint venture (JV) PTSC AP had entered the eighth addendum to extend the tenure of the BBC Interim Contract. It will extend by a period of 45 days, from 16 January to 29 February.

Yinson and PetroVietnam Technical Services Corporation (PTSC) own the JV, holding a 49% and 51% interest, respectively.

Valued at $2.24m, the eighth addendum will not impact the share capital and shareholding structure of the company.

FPSO PTSC Lam Son is a double hull vessel, which is designed to have a service life of 15 years. With seven off-cargo tanks, it has a crude oil storage capacity of 350,000 barrels.

The company said in a statement: “None of the directors and/or major shareholders of the company or persons connected to them have any interest, direct or indirect, in the eighth addendum.

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“The company will make an appropriate announcement to Bursa Malaysia Securities Berhad should there be any material development on the matter.”

In October, Yinson secured two letters of intent (LoI) worth about $5.4bn from Petrobras for the Marlim revitalisation project in Brazil. Yinson’s indirect fully owned subsidiary Yinson Production secured these contracts.

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