FPSO PTSC Lam Son in Vietnam Gets Contract

Malaysian FPSO leasing firm Yinson Production has, through its PTSC AP joint venture company with Vietnam's PTSC, received a 12-month extension for the bareboat charter contract for FPSO PTSC Lam Son, with a further automatic extension of 6 months.

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

The value of the contract, including the automatic extension period, is estimated at $27.3 million (RM127.9 million). PTSC AP is 49% and 51% owned by Yinson and PTSC, respectively.

YP Chief Executive Officer Flemming Grønnegaard said: “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 delivering exceptional safety standards and high uptime with 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.