PTSC South East Asia (PTSC SEA) signs lease and operate contract for new FSO unit in Vietnam Block B gas project with Phu Quoc Petroleum Operating Company (PQPOC). The FSO will have a storage capacity of up to 350,000 barrels of condensate and a 25-year stationing design without dry-docking needs.

PQPOC, responsible for Vietnam Block B gas project operation, aims to supply 5.07 billion standard cubic metres of gas annually to meet energy needs in south-west Vietnam. The project will provide economic benefits to the government, Petrovietnam, and investors, contributing to the country’s infrastructure and energy security.

The FSO for Vietnam Block B gas project will be a turret-moored, double-hull unit with a 14-year firm contract period and a potential nine-year extension, totaling around $600m. Expected to achieve first condensate by Q3 2027, the FSO will be installed at a water depth of 80m, supporting Vietnam’s offshore energy sector.

Yinson CEO Flemming Guiducci Grønnegaard expresses pride in supporting Vietnam’s energy security efforts through the FSO contract. The deal highlights Yinson’s commitment to delivering high-quality offshore assets in the region, showcasing their ability to meet client needs and deliver long-term value for stakeholders.

Earlier this year, Yinson Production Offshore Holdings signed a definitive agreement with international investment firms, issuing $1bn in redeemable convertible preferred shares and 10% warrants based on a post-money valuation of $3.7bn. This follows a previous FSO award for Murphy Oil’s Lac Da Vang project to PTSC AP, another Yinson Production and PTSC JV.

Read more at Yahoo Finance: Vietnam Block B gas project advances with FSO contract