KUALA LUMPUR: Yinson Holdings Bhd
offshore production unit's joint venture with PetroVietnam Technical Services Corp (PTSC) has secured a 12-month extension for the bareboat charter contract for FPSO PTSC Lam Son, with a further automatic extension of six-month.
In a statement, Yinson said the addendum entered by PTSC and the JV company PTSC Asia Pacific Pte Ltd on June 29, 2023, sets an extension of charter period from July 1, 2023, to June 30, 2024, and further automatic extension until Dec 31, 2024.
The value of the contract including the automatic extension period is valued at US$27.3mil (RM127.9mil). PTSC Asia Pacific is 49% and 51% held by Yinson and PTSC respectively..
"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 deliver exceptional safety standards and high uptime with FPSO PTSC Lam Son," said Yinson Production CEO Flemming Grønnegaard.
