Yinson, PTSC Add Another Year to PTSC Lam Son FPSO Contract

Malaysian FPSO provider Yinson has secured a contract extension for the PTSC Lam Son FPSO in Vietnam with Vietnam's PTSC AP.

The 243 meters long Lam Son FPSO, able to produce 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.

Yinson said Thursday that the contract extension had been signed for a further period of 12 months from July 1, 2021, to June 30, 2022. 

The extension period consists of a firm period from July 1, 2021, to  December 31, 2021; and an option period from January 1, 2022, to June 30, 2022.

The value of the extension is estimated to be $18.1 million (equivalent to approximately RM75.17 million).