CEO Morning Brief

Yinson's Indirect JV Gets Five-year Extension for FSO Charter Contract

Publish date: Wed, 07 Jun 2023, 08:42 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 6): Yinson Holdings Bhd's offshore production unit Yinson Production (YP), via its joint-venture company PTSC South East Asia (PTSC SEA), has received a five-year extension for the bareboat charter contract for FSO PTSC Bien Dong 01.

The extended period of the contract is from June 4, 2023 to June 3, 2028, it said in a filing with Bursa Malaysia on Tuesday (June 6).

According to Yinson, FSO PTSC Bien Dong 01 has been operating in Block 05-2/05-3, Vietnam since June 4, 2013.

YP holds a 49% stake in PTSC SEA, while its joint-venture partner PetroVietnam Services Corp holds the remaining 51%.

YP CEO Flemming Grønnegaard said, “We are pleased to continue our long-term and close working relationship with PTSC, with whom we have partnered for a decade.

"The extension is a mark of the excellent working relationship that we have, leading to excellent safety and uptime track records for the asset. We look forward to our continued partnership.”

At the noon break on Tuesday, Yinson shares were down one sen or 0.38% at RM2.59, giving the group a market capitalisation of RM7.94 billion. Year to date, the counter had risen 6.58%.

Source: TheEdge - 7 Jun 2023

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