Yinson Gets Charter Extension for FPSO in Vietnam

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Malaysian FPSO supplier Yinson announced on Monday it secured a six-month extension for the bareboat charter contract for the FPSO PTSC Lam Son

The 243 meters long Lam Son FPSO, able to produce 15,000-20,000 barrels of oil per day (bopd), with a storage capacity of up to 650,000 barrels of oil, has been operating in Vietnam since 2014.

Following the FPSO conversion by Singapore's Keppel in 2014, the vessel was deployed in the Thang Long and Dong Do oil fields in Cuu Long Basin.

The extension, received through Yinson's joint venture company with PetroVietnam Technical Services Corporation (PTSC), PTSC Asia Pacific Pte Ltd (PTSC AP), is part of the addendum entered into by client PTSC and PTSC AP in June 2021, which sets a six-month firm period from July 1, 2021 to December 31, 2021, and a six-month option period from January 1, 2022 to June 30, 2022, which shall be automatically granted if no notice of termination is received.

The value of the bareboat charter contract for the six-month option period extension is estimated at $9 million (RM37.5 million). PTSC AP is 49% and 51% owned by Yinson and PTSC respectively.

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