Malaysian FPSO provider Yinson has secured a contract extension for the PTSC Lam Son FPSO in Vietnam with Vietnam`s PTSC AP.
PTSC AP is a joint venture company between Yinson and Vietnam`s PTSC. PTSC Lam Son has been operating at Thang Long – Dong Do field since June 2014.
PTSC Lam Son FPSO; Source: PTSC
Yinson said last Thursday that the contract extension was signed for a further period of 12 months from 1 July 2021 to 30 June 2022.
The extension period consists of a firm period from 1 July 2021 to 31 December 2021 and an option period from 1 January 2022 to 30 June 2022. The value of the extension is estimated to be $18.1 million – equivalent to around RM75.17 million.
The 243-meter-long Lam Son FPSO is capable of producing 15,000-20,000 barrels of oil per day (bopd) and has a storage capacity of up to 650,000 barrels of oil. The vessel has been operating at the Thang Long – Dong Do fields in the Cuu Long Basin offshore Vietnam since it was converted to an FPSO by Singapore`s Keppel in 2014.
The previous deal for the PTSC Lam Son FPSO was signed in March 2020. The signed deal replaced an interim charter contract retroactively from 1 July 2017 to 30 June 2021.
To remind, the interim contract for the FPSO was extended eight times, the latest extension – before the long-term deal in March – was in mid-January 2020.