KUALA LUMPUR: Yinson Holdings Bhd's joint venture with PetroVietnam Technical Service Corp (PTSC) has bagged a job to charter and operate a US$416 million (RM1.85 billion) floating, storage and offloading (FSO) vessel for Murphy Oil Corp's unit in Vietnam.
The joint venture company PTSC Asia Pacific, owned by Yinson Production by 49 per cent, secured the contract with Murphy Cuu Long Bac Oil Co Ltd for the for the Lac Da Vang FSO project that is located in Block 15-1/05 offshore Vietnam.
The contract has a firm period of 10 years with the option to extend up to five years.The FSO will be a newbuild double-hull vessel with storage capacity around 500,000 barrels and advanced dual-fuel systems for optimised efficiency.
Following a construction period of two years, the FSO is expected to start operations in the fourth quarter of 2026."This new project underscores Yinson Production's commitment to delivering energy solutions that meet the evolving needs of our clients and the industry," Yinson Production chief executive officer Flemming Grønnegaard said.
"The Lac Da Vang FSO project is a testimony to the strength of our partnership with PTSC and our shared vision for operational excellence. We are proud to play a pivotal role in supporting Vietnam's energy security," he added.
Through PTSC AP and another joint venture, Yinson Production and PTSC have successfully been operating offshore assets in Vietnam for over a decade with the FSO PTSC Bien Dong 01 operating since 2013 and the FPSO PTSC Lam Son since 2014.