Yinson bags fresh extension for Vietnam FPSO

Malaysian FPSO provider Yinson has agreed to another short-term extension for its FPSO PTSC Lam Son, operating offshore Vietnam.

Yinson said last Thursday that its Vietnam JV PTSC AP had entered into a seventh addendum to further extend the tenure of the interim contract with Vietnam’s PTSC for a period of fifteen days, starting from January 1, 2020, to January 15, 2020.

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.

The previous, sixth addendum, was agreed in late November 2019.

PTSC AP has the right to terminate the seventh addendum subject to a seven-day notice period. Save for the extension of the tenure and PTSC AP’s right to terminate the seventh addendum, the terms under the interim contract remain unchanged.

The value of the seventh addendum is estimated to be $0.75 million.

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 at Thang Long – Dong Do fields offshore Vietnam since 2014.

Offshore Energy Today Staff

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