PTSC Asia Pacific, a joint venture between Yinson Production (49%) and PetroVietnam Technical Services Corporation (PTSC; 51%), has signed a major contract with Murphy Cuu Long Bac Oil Co. Ltd., a subsidiary of Murphy Oil Corporation, for the charter of a floating storage and offloading (FSO) vessel at the Lac Da Vang oil field in Vietnam. The agreement, valued at up to approximately USD 416 million, is set for an initial term of 10 years with the option for a five-year extension.
The FSO will be a state-of-the-art, double-hull vessel featuring a storage capacity of around 500,000 barrels. Equipped with advanced dual-fuel systems, the vessel aims to optimize efficiency while minimizing environmental impact. The design of the FSO is tailored to ensure safety, operational excellence, and low-carbon emissions, aligning with Yinson Production’s commitment to sustainability.
The vessel is expected to be completed and ready for operations in the fourth quarter of 2026, following a construction period of approximately two years. Once operational, the FSO will be deployed at the Lac Da Vang field, located offshore Vietnam in Block 15-1/05.
Flemming Grønnegaard, CEO of Yinson Production, emphasized the significance of the contract, stating, “This project reflects our dedication to providing innovative energy solutions that address the dynamic needs of the industry. The Lac Da Vang FSO is a testament to the strength of our partnership with PTSC and our shared commitment to operational excellence. We are proud to support Vietnam’s energy security.”
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