Fossil Energy – FSO
Yinson Production – controlled by Malaysian tycoon Lim Han Weng’s Kuala Lumpur-listed Yinson Holdings – won a $600 million contract to supply a new floating storage and offloading (FSO) vessel to its joint venture company in Vietnam.
Under the deal, Yinson Production will lease and operate the FSO vessel to PTSC South East Asia, which it jointly owns with PetroVietnam Technical Services Corp., over a 14-year contract period, with an option to extend for another nine years, Kuala Lumpur-based Yinson Production said in a statement.
Phu Quoc Petroleum Operating Co., which is developing offshore gas projects in southwest Vietnam, awarded the contract to PTSC South East Asia, Yinson Production said. “This contract is anticipated to achieve first condensate in the third quarter 2027. The vessel can store up to 350,000 barrels of condensate, the liquids formed from gas.”
The Vietnam contract will bring to 11 the offshore vessel fleet size of Yinson, one of the world’s biggest providers of floating production, storage and offloading (FPSO) vessels to the global oil and gas industry with over $19 billion worth of orders until 2048. FPSO vessels extract hydrocarbons from deep-sea wells, sift impurities, store the crude oil and transfer this to tankers to refineries.
