Yinson seals the deal for Vietnam FPSO

Malaysia’s FPSO operator Yinson has finally managed to secure a more long-term deal for its Lam Son FPSO, which is operating offshore Vietnam. 

In a Bursa Malaysia filing on Monday, Yinson said that PTSC had entered into a bareboat charter contract for the Lam Son FPSO with PTSC AP.

PTSC AP is a joint venture company between Yinson and Vietnam’s PTSC. PTSC Lam Son has been operating at Thang Long – Dong Do field from June 2014.

Yinson said that the charter contract would replace the interim charter contract retroactively and will start from July 1, 2017, to June 30, 2021. To remind, the interim contract has been extended eight times, with the latest extension in mid-January 2020.

Parties will have the right to terminate the bareboat charter contract subject to a 90-day notice period. Subject to the mutual agreement of parties, the charter contract may be further extended thereafter.

The value of the contract is estimated to be $122.87 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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