PTSC Asia Pacific (“PTSC AP”), a joint venture between Yinson
Production (49%) and PetroVietnam Technical Services Corporation (“PTSC”; 51%), has
executed a contract for the provision, charter, operation and maintenance of the floating
storage and offloading (“FSO”) vessel for the Lac Da Vang project with Murphy Cuu Long Bac
Oil Co. Ltd., 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 longstanding 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.
Commenting on the contract, Flemming Grønnegaard, Chief Executive Officer of Yinson
Production, said, “This new project underscores Yinson Production’s commitment to
delivering energy solutions that meet the evolving needs of our clients and the industry. The
Lac Da Vang FSO project is a testimony to the strength of our partnership with PTSC and our
shared vision for operational excellence. We are proud to play a pivotal role in supporting
Vietnam’s energy security.”
