A joint venture comprising Malaysia’s Yinson Holdings and PetroVietnam Technical Services Corporation (PTSC) has secured a one-year extension to keep its PTSC Lam Son floating production storage and offloading vessel working offshore Vietnam.

Yinson said on Friday that its joint venture partner PTSC has entered into an addendum to the FPSO's bareboat charter contract to extend the tenure of the charter for a 12-month period from 1 July 2022 to 30 June 2023.

“The value of the bareboat charter contract for the 12-month tenure is estimated at $18.1 million,” the company said.

Yinson is providing the FPSO in joint venture PTSC to the operator PetroVietnam Exploration & Production.

PTSC Asia Pacific is 49% and 51% owned by Yinson and PTSC respectively, it noted.

Yinson Group chief executive Lim Chern Yuan said the company “forged a close working relationship” with its partners in the joint venture, which commenced in 2017.

“We are delighted with the contract extension announcement and the group will continue providing high uptime and excellent safety record (with the PTSC Lam Son FPSO),” he said.

The PTSC Lam Son is stationed at the Thang Long–Dong Do fields in blocks 01-97 and 02-97 in Vietnam’ shallow-water Cuu Long basin.

Stay a step ahead with the Upstream News app
Read high quality news and insight on the oil and gas business and its energy transition on-the-go. The News app offers you more control over your Upstream reading experience than any other platform.