Singapore-based Yinson Production, part of Malaysia’s Yinson Group, has signed a bareboat charter extension with PetroVietnam for the floating production storage and offloading (FPSO) vessel PTSC Lam Son.
The extension begins on January 1, 2025, immediately following the current charter, and will continue until June 2026, with an option for a further six months. The agreement is valued at $36.2 million, of which $17.7 million will go to Yinson, reflecting its 49% ownership in the joint venture PTSC Asia Pacific with PetroVietnam Technical Services Corporation (51%).
Since 2014, the FPSO has been operating in Block 1-2/97 offshore Vietnam under PetroVietnam’s management.
Yinson Production, with a fleet of 10 FPSOs and a contract orderbook worth $22 billion lasting until 2048, continues to expand its footprint in the offshore energy sector.
