Malaysia's Floating, Production, Storage and Offloading (FPSO & FSO) service provider Yinson Holdings Berhad said that it has secured a two-month extension for its Lam Son FPSO for operations within the Lam Son field, offshore Vietnam.
"The Petrovietnam Technical Services Corp (PTSC) has entered into a third addendum to the BBC Interim Contract with PTSC to further extend the tenure of the BBC Interim Contract for a period of two months commencing from 1 August 2019 to 30 September 2019," said a stock exchange annoucement from Yinson.
Save for the extension of the tenure, the terms under the BBC Interim Contract (as may be amended, varied or supplemented from time to time) remain unchanged, it said.
The value of the extension is around US$ 3.04 million (equivalent to approximately RM12.56 million).
The statement said that the third addendum will not have any effect on the share capital and shareholding structure of Yinson. However, it is expected to have positive impact on the earnings and net assets per share of Yinson Group for the financial year ending 31 January 2020.