Yinson, PTSC Sign Long Term FPSO Charter Deal

March 17, 2020

Lam Son FPSO / Image source: Yinson
Lam Son FPSO / Image source: Yinson

Malaysian FPSO leasing company Yinson has signed a longer-term charter deal for the provision of the FPSO PTSC Lam Son to Vietnam's PTSC AP.

After several short-term extensions, Yinson's Vietnam JV PTSC AP has signed a charter deal for the FPSO with Vietnam's PTSC that should keep the FPSO busy until June 30, 2021. The deal was signed on Monday, March 16, 2020. 

Still, parties involved will have the right to terminate the contract subject to a 90-day notice period. Also, subject to a mutual agreement of the companies, the charter can further be extended.

"The value of the...contract is estimated to be $122.87 million (equivalent to approximately RM528.34 million)," Yinson said Monday.

The 243 meters long Lam Son FPSO, capable of producing 15,000-20,000 barrels of oil per day (bopd), with a storage capacity of up to 650,000 barrels of oil has been operating in Vietnam since 2014. 

Following the FPSO conversion by Singapore's Keppel in 2014, the vessel was deployed in the Thang Long and Dong Do oil fields in Cuu Long Basin.



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