KUALA LUMPUR: Yinson
Production's joint venture (JV) with PeroVietnam Technical Services Corp (PTSC) has executed a contract for the provision, charter, operation and maintenance of the floating storage and offloading (FSO) vessel for the Lac Da Vang project in Vietnam.
In a statement, Yinson said the JV, PTSC Asia Pacific, struck the deal with a total value of about US$416mil with Murphy Cuu Long Bac Oil Co Ltd, a wholly owned subsidiary of Murphy Oil Corporation.
The contract has a firm period of 10 years with an option to extend up to five years.
The FSO will be a newbuild double-hull vessel with storage capacity around 500,000 barrels and advanced dual-fuel systems for optimised efficiency.
Through PTSC Asia Pacific and another joint venture, Yinson Production and PTSC have been operating offshore assets in Vietnam for over a decade with the FSO PTSC Bien Dong 01 operating since 2013 and the FPSO PTSC Lam Son
operating since 2014.
Yinson Production CEO Flemming Gronnegaard said the new project underscores Yinson Production’s commitment to delivering energy solutions that meet the evolving needs of our clients and the industry.
"The Lac Da Vang FSO project is a testimony to the strength of our partnership with PTSC and our shared vision for operational excellence," he said.
