Yinson Production JV bags floater extension in Vietnam

Singapore-based floater owner and operator Yinson Production, part of the Malaysian Yinson Group, has secured a bareboat charter extension with PetroVietnam for the floating production storage and offloading vessel PTSC Lam Son.

The extension kicks in on January 1, 2025 in direct continuation of the existing charter and is set to last until end-June 2026.

The floater is jointly owned by Yinson Production (49%) and PetroVietnam Technical Services Corporation (51%), through the joint venture PTSC Asia Pacific. The deal, which came with extension option for six additional months, is worth about $36.2m, of which $17.7m will go to Yinson.

The FPSO has been operating for PetroVietnam in Block 1-2/97 offshore Vietnam since 2014.

Yinson Production has a fleet of 10 FPSOs with an orderbook of about $22bn until 2048.