KUALA LUMPUR: Yinson Holdings Bhd's unit Yinson Production has via its joint venture with PetroVietnam Technical Services Corp (PTSC), PTSC South East Asia, received a five-year extension for the bareboat charter contract for FSO PTSC Bien Dong 01.
In a statement, Yinson said the extension via the addendum entered by PTSC and PTSC SEA on June 2, 2023, sets an extension period for the contract from June 4, 2023, to June 3, 2028.
It said the contract value is estimated at US$74.6mil (RM344mil).
PTSC SEA is 49% and 51% owned by Yinson and PTSC respectively.
"We are pleased to continue our long-term and close working relationship with PTSC, with whom we have partnered for a decade.
"The extension is a mark of the excellent working relationship that we have, leading to excellent safety and uptime track records for the asset. We look forward to our continued partnership," Yinson Production CEO Flemming Gronnegaard.
FSO PTSC Bien Dong 01 has been operating in Block 05-2/05-3, Vietnam since June 4, 2013.