Yinson, PTSC Sign Long Term FPSO Charter Deal

Malaysian FPSO leasing company Yinson has signed a longer-term charter deal for the provision of the FPSO PTSC Lam Son to Vietnam's PTSC AP.

After several short-term extensions, Yinson's Vietnam JV PTSC AP has signed a charter deal for the FPSO with Vietnam's PTSC that should keep the FPSO busy until June 30, 2021. The deal was signed on Monday, March 16, 2020. 

Still, parties involved will have the right to terminate the contract subject to a 90-day notice period. Also, subject to a mutual agreement of the companies, the charter can further be extended.

"The value of the...contract is estimated to be $122.87 million (equivalent to approximately RM528.34 million)," Yinson said Monday.

The 243 meters long Lam Son FPSO, capable of producing 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.

Categories: Vietnam Vessels Industry News Activity FPSO Production Asia Floating Production

Related Stories

Yinson Production Raises $1.46B to Refinance Agogo FPSO

LNG Flows Through Hormuz Hit Seven-Month High

SBM Offshore Taps Chinese Contractor for FPSO Topside Modules

Eni and Petronas JV Extend Drilling Backlog for Ventura Offshore’s Semi-Sub Rig

Fugro Adds More Survey Work off Timor-Leste

Southeast Asia Plans 100 GW-Plus Gas Power Expansion Despite LNG Risks

Saudi Aramco Plans Standalone Gas Division in Major Reorganization

Larsen & Toubro Adds Major ONGC Offshore Project to Orderbook

Saipem Bags Commissioning Contract for Türkiye-Bound FPU

TGS Extends Work on Indonesia’s Largest Seismic Acquisition Project