Yinson Clover secures $1bn FPSO contract in Vietnam

Yinson Clover secures $1bn FPSO contract in Vietnam

Yinson Holdings has secured a $1bn contract from Spanish operator Repsol to
supply and maintain a floating production storage and offloading (FPSO)
facility for the Ca Rong Do oil and gas field located in Block 07/03,
offshore Vietnam.

Yinson said its indirect wholly-owned unit Yinson Clover has signed a
contract with Repsol's Talisman Vietnam 07/03 BV (TLV) for the project. This
follows the receipt of a letter of intent from TLV in January this year.

The contract is for a firm period of ten years. It comes with five yearly
extension options exercisable by the field operator.

As per the requirements under the bid contract, Yinson Clover had inked a
novation agreement with TLV and PetroVietnam Technical Services (PTSC) for
the novation of all rights and liabilities as per the contract to PTSC.

PTSC and Yinson Clover will form a joint venture company to be held 51% by
the former and the remainder by the latter. Once the joint venture comes
into effect, it will sing a bareboat charter contract with PTSC for the
bareboat scope of work under the contract given to Yinson Clover by TLV.

Yinson group executive chairman Lim Han Weng said: "We look forward to
deliver our best to TLV and meeting our obligations under the bareboat
charter contract. This event marks a new milestone for us by adding another
strong contract to the Group's order book.

"Based on Yinson's current track record, we will ensure a successful
execution of the bareboat scope of work under the Contract and expects a
positive contribution to the Group's bottom-line starting from the financial
year ended 31 January 2020."

In another development related to the CRD project, Singapore-based Keppel
FloaTEC has been given a $40m contract to provide engineering and
construction support services for the tension leg wellhead platform.

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Link to Original Article:
http://drillingandproduction.energy-business-review.com/news/yinson-clover-t
o-deliver-fpso-to-ca-rong-do-field-in-vietnam-270417-5798801

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com