PetroVietnam has extended the charter contract for the FPSO PTSC Lam Son by 18 months to June 30, 2026.
A further six-month extension should apply thereafter, subject to the fulfillment of certain conditions.
PetroVietnam Technical Services Corp (51%) and Yinson Production (49%) own the vessel via their joint venture PTSC Asia Pacific. It has been operating on Block 1-2/97 offshore Vietnam since 2014.
Yinson estimates the total value of the two extension periods for the bareboat charter at $36.2 million.
The 650,000-bbl storage capacity vessel is designed to produce 18,000 bbl/d of oil.
