Malaysian FPSO operator Yinson Holdings has announced that its 49% owned joint venture in Vietnam PTSC Ca Rong has executed a final settlement agreement with PetroVietnam Technical Services Corp (PTSC) over the termination of a $1bn FPSO charter contract.
The 15-year bareboat charter contract was awarded to PTSC Ca Rong in April 2017 and was terminated in September last year due to a “prolonged force majeure event”.
The contract was meant for the supply of a FPSO facility for the Ca Rong Do Field Development offshore Vietnam.
The settlement agreement will settle all rights, demands, liabilities and obligations arising from the termination of the bareboat charter contract.
In March, Yinson secured another long-term charter contract with PTSC for FPSO PTSC Lam Son.