KUALA LUMPUR (Dec 2): Yinson Holdings Bhd’s (KL:YINSON) 49%-owned joint venture with PetroVietnam Technical Service Corp (PTSC) has executed a provision, charter, operation and maintenance contract with a unit of Murphy Oil Corp, for a floating, storage and offloading (FSO) vessel in Vietnam.

The 500,000 barrels of oil equivalent capacity FSO, to be built for operations from 4Q2026, will be chartered for a firm period of 10 years, Yinson said.

The contract comes with options to extend for up to five years, it said. In total, the contract has a value of up to US$416 million, it added.

"The project 'marks another milestone' in its longstanding relationship with PTSC," Yinson said.

The two parties, through joint ventures, have been operating FSO PTSC Bien Dong 01 since 2013, and the floating production storage and offloading (FPSO) vessel PTSC Lam Son since 2014, it said.

PTSC Lam Son has a bare boat charter contract until the end of this year, while PTSC Bien Dong 01 has a firm charter until mid-2028, with options to extend up to 2033.

At noon break on Monday, Yinson shares settled down one sen or 0.38% at RM2.59, giving it a market capitalisation of RM8.21 billion. The counter is up 3.6% this year.