Yinson bags another extension for Vietnam FPSO

Malaysia’s FPSO provider Yinson has secured a two-month extension for its Lam Son FPSO for operations within the Lam Son field, offshore Vietnam.

Yinson said on Wednesday it had, through its Vietnam JV PTSC AP, entered into a third addendum to its interim contract with Vietnam’s PTSC to further extend the tenure of the contract for a period of two months starting from August 1, 2019, to September 30, 2019.

PTSC AP is a joint venture company owned by Yinson and PetroVietnam Technical Services Corporation (PTSC) holding a 49% and 51% interest in the JV, respectively.

Yinson added that, save for the extension of the tenure, the terms under the interim contract remain unchanged.

According to the company, the value of the third addendum is estimated to be $3.04 million.

It is worth reminding that the second, one-month addendum was agreed in late June. This one-month extension started on July 1 and ended today, July 31.

The Lam Son FPSO is capable of producing 15,000-20,000 barrels of oil per day (bopd) and has a storage capacity of up to 650,000 barrels of oil. The FPSO has been operating at the Lam Son field offshore Vietnam.

Offshore Energy Today Staff

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