Yinson Holdings Berhad (Yinson), through its joint venture company with PetroVietnam Technical Services Corporation (PTSC), PTSC Asia Pacific Pte Ltd (PTSC AP), has received a 6-month extension for the Bareboat Charter Contract for FPSO PTSC Lam Son.
The extension is part of the addendum entered into by client PTSC and PTSC AP on 30 June 2021, which sets a 6-month Firm Period from 1 July 2021 to 31 December 2021, and a 6-month Option Period from 1 January 2022 to 30 June 2022, which shall be automatically granted if no notice of termination is received.
The value of the Bareboat Charter Contract for the 6-month Option Period extension is estimated at USD9.0 million (RM37.5 million). PTSC AP is 49% and 51% owned by Yinson and PTSC respectively.
Yinson Group Chief Executive Officer Lim Chern Yuan said, “We are pleased to be able to continue our partnership with PTSC to provide high uptime and excellent safety record with FPSO PTSC Lam Son.”