Yinson suffers FPSO cancellation in Vietnam

Yinson suffers FPSO cancellation in Vietnam

Malaysian FPSO operator Yinson Holdings has announced that its joint venture company PTSC Ca Rong Do has suffered a termination of a 10-year FPSO charter contract worth $1bn by Talisman Vietnam.

The termination of contract follows Talisman halting FPSO operations for the Ca Rong Do Field Development offshore Vietnam last year.

Yinson said the termination is due to a prolonged force majeure event, which is understood to be the ongoing territorial disputes between Vietnam and China in South China Sea.

According to Yinson, PTSC Ca Rong Do will assert its rights under all relevant contracts to claim compensation for the cost incurred for the FPSO.

Yinson Clover and PetroVietnam Technical Services Corporation (PTSC) hold 49% and 51% each in PTSC Ca Rong Do.

Repsol holds a 51.8% operating stake in the Ca Rong Do project and its partners are Mubadala Petroleum and PetroVietnam.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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