Yinson Wins Extension for Vietnam FPSO

Maritime Activity Reports, Inc.

September 30, 2019

FPSO PTSC Lam Son. Image: Yinson

FPSO PTSC Lam Son. Image: Yinson

The floating, production, storage and offloading (FPSO) service provider in Malaysia, Yinson Holdings Bhd has been awarded a contract extension for its Lam Son FPSO for operations on the Lam Son field, located offshore Vietnam.

"On 30 September 2019, PTSC AP has entered into a fourth addendum to the BBC Interim Contract with PTSC to further extend the tenure of the BBC Interim Contract for a period of one  month commencing from 1 October 2019 to 31 October 2019," said a stock exchange anouncement from Yinson.

The value of the fourth addendum is estimated to be USD1.54, it said. The fourth addendum will not have any effect on the share capital and shareholding structure of the company. 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.

PTSC AP is a joint venture company owned by Yinson and PetroVietnam Technical Services Corporation (PTSC) each holding 49% and 51% interest in it, respectively.

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