PTSC/Yinson venture to supply FSO for offshore Vietnam gas project

PTSC South East Asia (PTSC SEA), the joint venture between PetroVietnam Technical Services Corp. and Yinson Production, has signed a $600-million lease and operate contract for a floating storage and offloading (FSO) vessel for the Vietnam Block B gas project.

The FSO will be a double-hulled, turret-moored unit designed for a 25-year operational life. The newbuild vessel will have a storage capacity for up to 350,000 bbl of condensate, and will be sited in 80 meters of water. It is designed to remain on station for 25 years without the need to be removed for drydocking. 

Phu Quoc Petroleum Operating Co. awarded the lease and operate contract, which has an initial 14-year term, renewable annually thereafter for up to nine years. The company, established by Petrovietnam, operates Blocks B&48/95 and 52/97 offshore southwest Vietnam, respectively 250 km and 400 km from Ca Mau Province and the O Mon power complex.

This is the second new joint FSO project in Vietnam in the past year for PTSC and Yinson after the Lac Da Vang FSO, awarded by Murphy Oil in late 2024. In December, Yinson Production also announced an 18-month extension to the charter contract for the FPSO PTSC Lam Son for 18 months until end-June 2026.