Yinson wins RM75mil contract


PETALING JAYA: Integrated offshore services provider Yinson Holdings Bhd has secured a service contract potentially worth RM75mil from PetroVietnam Technical Service Corp (PTSC) for the provision of offshore support vessel (OSV).

In a filing with Bursa Malaysia, Yinson announced its wholly-owned subsidiary, Yinson Marine Services Sdn Bhd has received a letter of intent from PTSC, for the said contract.

The contract is awarded for two years with an option to extend for another five year period, it said, adding that it is estimated the value of the contract for the seven years duration to reach RM75mil.

The contract comprises the scope of providing an OSV to PTSC for the purpose of supporting its offshore units, off take tanker’s tandem mooring assistance and handling of floating hoses.

On top of supply runs and standby support, it is also servicing, maintaining and providing additional berthing support to other offshore units when required by the charterer in Vietnam or Malaysia.

On the awarded contract, its executive director Lim Chern Yuan said that the contract is expected to contribute positively to the company’s earnings for the financial year ending Jan 31, 2012 to January 2019.

For the financial year ended Jan 31, Yinson recorded a profit after tax of RM24.9mil, more than doubled that of a year ago.

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