Yinson Gets Extension for Vietnam FPSO

June 25, 2019

Image credit: PTSC
Image credit: PTSC

Malaysian floater company Yinson Holdings Bhd has secured another extension of its floating production storage and offloading (FPSO) with Petrovietnam Technical Services Corp (PTSC) for operations at the Lam Son Field, offshore Vietnam.

According to the second addendum to the interim contract, the FPSO Lam Son continue to work with PTSC until July 31.

"Save for the extension of the tenure, the terms under the interim contract (as may be amended, varied or supplemented from time to time) remain unchanged," the FPSO service provider said in a stock exchange announcement.

PTSC AP is a joint venture company owned by Yinson and PetroVietnam Technical Services Corporation (PTSC) each holding 49% and 51% interest in it, respectively.

The value of the Second Addendum is estimated to be $1.54 million, it said.

The second addendum is expected to have positive impact on the earnings and net assets per share of Yinson Group for the financial year ending January 31, 2020.



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