Fossil Energy – Contract Extension FPSO
Yinson Production announced the extension of the charter contract for FPSO PTSC Lam Son.
In continuation of the existing bareboat charter, the contract has been extended for a firm period of 18 months starting from 1 January 2025 to 30 June 2026, with an automatic extension for an additional six months until 31 December 2026, subject to certain conditions.
The value of the extension of the bareboat charter contract (including the extension period) is approximately USD 36.2 million, of which approximately USD 17.7 million is attributable to Yinson Production.
The FPSO has been operating for PetroVietnam in Block 1-2/97 offshore Vietnam since 2014.
“We are delighted to have secured the FPSO PTSC Lam Son contract extension. The contract extension underscores the strong partnership we have built with PTSC as our joint venture partner and our combined ability to deliver reliable, high-quality operations to the client. Together with PTSC, we remain committed to driving value creation and operational excellence throughout the lifecycle of this asset,” commented Yinson Production Chief Executive Officer, Flemming Grønnegaard.
