Singapore-based Yinson Production Extends Charter for FPSO PTSC Lam Son
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 FPSO PTSC Lam Son is jointly owned by Yinson Production (49%) and PetroVietnam Technical Services Corporation (51%) through the joint venture PTSC Asia Pacific. The deal, which includes an extension option for six additional months, is valued at approximately $36.2 million, with $17.7 million allocated to Yinson.
Since 2014, the FPSO has been operating for PetroVietnam in Block 1-2/97 offshore Vietnam. Yinson Production boasts a fleet of 10 FPSOs with an order book totaling about $22 billion until 2048.