Yinson's JV firm wins US$600mil contract in Vietnam
This is for the charter, operation and maintenance of a floating storage and offloading (FSO) vessel for the Block B field offshore Vietnam.
The contract was signed on July 28 with Phu Quoc Petroleum Operating Company (PQPOC), which is the operator of Vietnam's Block B&48/95 and 52/97 fields under the Vietnam Block B gas project.
"The contract is estimated to have a duration of 14 years, with an option for a potential extension of up to nine years," Yinson said in a Bursa Malaysia filing.
PTSC SEA is a 49:51 joint venture between Yinson Production Capital Pte Ltd, a wholly-owned subsidiary of Yinson, and PetroVietnam Technical Services Corporation.
The Block B gas project, located 250km to 400km southwest of Vietnam's Ca Mau province and O Mon power complex, aims to supply over five billion standard cubic metres of gas annually to key energy demand zones in the region.
"The project is expected to help meet rising energy demand in Vietnam's southwest region while generating economic benefits for the Vietnamese government, Petrovietnam and investors," Yinson said.
Yinson noted that while risks such as schedule slippage and cost overruns are inherent during the construction phase, they are expected to be mitigated by the group's expertise and internal controls.
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