Fossil Energy – FSO Vietnam
PTSC Asia Pacific, a joint venture between Yinson Production and PetroVietnam Technical Services Corporation, has executed a contract for the provision, charter, operation and maintenance of the floating storage and offloading vessel for the Lac Da Vang project with Murphy Cuu Long Bac Oil, a wholly owned subsidiary of Murphy Oil Corporation.
The contract has a firm period of 10 years with the option to extend up to 5 years, and a total value of up to approximately USD 416 million.
The FSO will be a newbuild double-hull vessel with storage capacity around 500,000 barrels and advanced dual-fuel systems for optimised efficiency. The design of the FSO emphasises safety, operational excellence, and low-carbon emissions, aligning with Yinson Production’s sustainability goals.
Following a construction period of approximately two years, the FSO is expected to start operations in the Lac Da Vang field located in Block 15-1/05 offshore Vietnam in the fourth quarter of 2026.
The project further strengthens Yinson Production’s position as a leading independent owner and operator of offshore asset and marks another milestone in Yinson Production’s long-standing relationship with PTSC.
Through PTSC AP and another joint venture, Yinson Production and PTSC have successfully been operating offshore assets in Vietnam for over a decade with the FSO PTSC Bien Dong 01 operating since 2013 and the FPSO PTSC Lam Son operating since 2014.
