Yinson secures FPSO contract extension in Vietnam

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.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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