[Vietnam] FPSO PTSC Lam Son

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escveritas
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[Vietnam] FPSO PTSC Lam Son

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Charterer / Client PTSC
Field (Country) Block 1-2/97 (Vietnam)
Storage capacity 600,000 barrels
Mooring External turret
Production capacity Oil: 18,000 BOPD
Liquid: 28,000 BLPD
Gas Comp: 47 MMSCFD
Water Inj: 15,000 BWPD
Contract commencement 1 July 2017
Contract duration (firm) 2017 - 2021
Optional extension -
Remaining contract tenure as at 31 January 2020 (firm) 1 year 5 months
Ownership 51% PTSC;
49% Yinson
Uptime Above 99%

* On 16 March 2020, PTSC AP entered into a Bareboat Charter Contract with PTSC for provision and chartering of FPSO PTSC Lam Son.
escveritas
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Re: [Vietnam] FPSO PTSC Lam Son

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Yinson is pleased to share that on 30 June 2021, the bareboat charter contract of FPSO PTSC Lam Son was extended 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.
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Re: [Vietnam] FPSO PTSC Lam Son

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YINSON-PTSC JV RECEIVES 6-MONTH EXTENSION OF CHARTER CONTRACT FOR FPSO PTSC LAM SON

KUALA LUMPUR – 3 JANUARY 2022



Yinson Holdings Berhad (“Yinson” or the “Group”), through its joint venture company with PetroVietnam Technical Services Corporation (PTSC), PTSC Asia Pacific Pte Ltd (PTSC AP), has received a 6-month extension for the Bareboat Charter Contract for FPSO PTSC Lam Son.

The extension is part of the addendum entered into by client PTSC and PTSC AP on 30 June 2021, which sets a 6-month Firm Period from 1 July 2021 to 31 December 2021, and a 6-month Option Period from 1 January 2022 to 30 June 2022, which shall be automatically granted if no notice of termination is received.

The value of the Bareboat Charter Contract for the 6-month Option Period extension is estimated at USD9.0 million (RM37.5 million). PTSC AP is 49% and 51% owned by Yinson and PTSC respectively.

Yinson Group Chief Executive Officer Lim Chern Yuan said, “We are pleased to be able to continue our partnership with PTSC to provide high uptime and excellent safety record with FPSO PTSC Lam Son.”
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Re: [Vietnam] FPSO PTSC Lam Son

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Yinson, through its joint venture company with PETROVIETNAM Technical Services Corporation (PTSC), PTSC Asia Pacific Pte Ltd (PTSC AP), has received a 12-month extension for the Bareboat Charter Contract for FPSO PTSC Lam Son.

The extension is part of the addendum entered into by client PTSC and PTSC AP on 30 June 2022, which sets a 12-month Firm Period from 1 July 2022 to 30 June 2023.

The value of the Bareboat Charter Contract for the 12-month tenure is estimated at USD18.1 million (RM79.8 million). PTSC AP is 49% and 51% owned by Yinson and PTSC respectively.

Yinson Group Chief Executive Officer Lim Chern Yuan said, “We have forged a close working relationship with our partners in this joint venture when it first commenced back in 2017. We are delighted with the contract extension announcement and the Group will continue providing high uptime and excellent safety record with FPSO PTSC Lam Son.”
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Re: [Vietnam] FPSO PTSC Lam Son

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YINSON PRODUCTION OBTAINS CHARTER CONTRACT EXTENSION FOR FPSO PTSC LAM SON

KUALA LUMPUR – 30 JUNE 2023

Yinson Production (“YP”), through its joint venture company with PetroVietnam Technical Services Corporation ("PTSC"), PTSC Asia Pacific Pte Ltd ("PTSC AP"), has received a 12-month extension for the Bareboat Charter Contract for FPSO PTSC Lam Son, with further automatic extension of 6 months.

The addendum entered by PTSC and PTSC AP on 29 June 2023, sets an extension of charter period from 1 July 2023 to 30 June 2024, and further automatic extension until 31 December 2024.

The value of the Bareboat Charter Contract (including the automatic extension period) is estimated at USD27.3 million (RM127.9 million). PTSC AP is 49% and 51% owned by Yinson and PTSC respectively.

YP Chief Executive Officer Flemming Grønnegaard said, “Since the start of this joint venture in 2012 and original charter commencing June 2014, we have developed a strong and productive partnership with our partner PTSC. Thrilled with the recent contract extension announcement, YP remains committed to deliver exceptional safety standards and high uptime with FPSO PTSC Lam Son.”

FPSO PTSC Lam Son has been operating in Block 1-2/97, Vietnam since 2014.
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