Malaysian FPSO operator Yinson has been awarded a charter extension for the floating production storage offloading (FPSO) unit PTSC Lam Son offshore Vietnam for an estimated $18.1m.
Yinson’s joint venture PTSC Asia Pacific entered into an addendum to extend the tenure of its bareboat charter deal with PetroVietnam Technical Services Corp (PTSC) for up to one year.
The extension is for a firm period of six months from July 1, 2021 to December 31, 2021, and includes an option period until June 30, 2022.
The firm $18.1m contract is expected to have a positive impact on the earnings and net assets per share of Yinson Group.
Yinson and PetroVietnam formed a 49/51 joint venture in 2017 to jointly undertake the execution of the charter contract. The initial contract commenced on July 1, 2017 and ended on June 30, this year, and was worth around $122.87m.