Yinson’s offshore unit bags RM128mil contract extension

Yinson’s offshore unit bags RM128mil contract extension

The contract provides a 12-month extension for the bareboat charter contract for FPSO PTSC Lam Son in Vietnam.

FPSO PTSC Lam Son has been operating in Vietnam since 2014.
PETALING JAYA:
Yinson Holdings Bhd’s offshore production unit – Yinson Production (YP) – has secured a RM127.9 million, 12-month extension for the bareboat charter contract for floating production storage and offloading (FPSO) PTSC Lam Son, with an automatic six-month extension.

The contract was secured through a joint venture with PetroVietnam Technical Services Corporation (PTSC) and PTSC Asia Pacific Pte Ltd (PTSC AP), YP said in a statement today.

The addendum entered by PTSC and PTSC AP dated June 29, 2023 sets an extension of charter period from July 1, 2023 to June 30, 2024 and further automatic extension until Dec 31, 2024.

An FPSO is a vessel used by the offshore oil and gas industry for the production, processing and storage of oil.

“Since the start of this joint venture in 2012 and original charter commencing June 2014, we have developed a strong and productive partnership with our partner PTSC.

“Thrilled with the recent contract extension announcement, YP remains committed to deliver exceptional safety standards and high uptime with FPSO PTSC Lam Son,” said YP CEO Flemming Grønnegaard.

FPSO PTSC Lam Son has been operating in Vietnam since 2014.

YP is one of the largest independent FPSO-leasing companies globally, with an order book of over US$22 billion (RM98.5 billion) until 2048, it said.

At market close, Yinson Holdings’ share price fell three sen or 1.16% to RM2.56, valuing the group at RM7.84 billion.

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