KUALA LUMPUR: Yinson
Production has extended the charter contract for the PTSC Lam Son floating production, storage and offloading (FPSO) vessel for 18 months.
In a statement, the group said the extension period will be from Jan 1, 2025, to June 30, 2026 with an automatic extension for an additional six months until Dec 31, 2026, subject to certain conditions.
The value of the extension of the bareboat charter contract is about US$36.2mil, of which about US$17.7mil is attributable to Yinson Production.
FPSO PTSC Lam Son is jointly owned by Yinson Production (49%) and PetroVietnam Technical Services Corporation (51%), through the joint venture PTSC Asia Pacific Pte Ltd.
The FPSO has been operating for PetroVietnam in Block 1-2/97 offshore Vietnam since 2014.
Together with PTSC, we remain committed to driving value creation and operational excellence throughout the lifecycle of this asset,” said Yinson Production CEO Flemming Grønnegaard.
