Yinson Production ('YP'), through its joint venture company with PetroVietnam Technical Services Corporation (PTSC), PTSC South East Asia (PTSC SEA), has received a 5-year extension for the Bareboat Charter Contract for FSO PTSC Bien Dong 01.
The extension via the addendum entered by PTSC and PTSC SEA on 2 June 2023 sets an Extension Period for the Contract from 4 June 2023 to 3 June 2028.
The value of the Contract is estimated at USD74.6 million (RM344 million). PTSC SEA is 49% and 51% owned by Yinson and PTSC respectively.
YP Chief Executive Officer Flemming Grønnegaard said, 'We are pleased to continue our long-term and close working relationship with PTSC, with whom we have partnered for a decade. The extension is a mark of the excellent working relationship that we have, leading to excellent safety and uptime track records.for the asset. We look forward to our continued partnership.'
FSO PTSC Bien Dong 01 has been operating in Block 05-2/05-3, Vietnam since 4 June 2013.
Source: Yinson
