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Yinson launches FSO vessel in South Korean yard (7293)
by hlk Sun 09 Sep 2012, 16:37
KUALA LUMPUR: Yinson Holdings Bhd, an integrated offshore services provider, launched its floating storage and off-loading vessel (FSO) in Sung Dong shipyard, South Korea, yesterday.
The company said that the FSO, which was originally scheduled to be delivered by the first quarter of 2013, is to be chartered into the waters and sail off for its first job next month.
"With the launching of its vessel today marking a significant milestone for the company, it is now months ahead of schedule to its proposed delivery date," it said in a press release.
The FSO vessel is to facilitate the bareboat charter contract worth RM1.03 billion that was secured by Yinson in a joint-venture partnership with PetroVietnam Technical Services Corporation in June last year for a firm period of ten years, with the option to extend for another ten years.
"Both parties have agreed to jointly charter the vessel onwards to Bien Dong Petroleum Operating company," Yinson said.
The company added that the activities from the FSO contract are expected to contribute positively to its earnings from financial year ending 31 January 2014.
The company said that the FSO, which was originally scheduled to be delivered by the first quarter of 2013, is to be chartered into the waters and sail off for its first job next month.
"With the launching of its vessel today marking a significant milestone for the company, it is now months ahead of schedule to its proposed delivery date," it said in a press release.
The FSO vessel is to facilitate the bareboat charter contract worth RM1.03 billion that was secured by Yinson in a joint-venture partnership with PetroVietnam Technical Services Corporation in June last year for a firm period of ten years, with the option to extend for another ten years.
"Both parties have agreed to jointly charter the vessel onwards to Bien Dong Petroleum Operating company," Yinson said.
The company added that the activities from the FSO contract are expected to contribute positively to its earnings from financial year ending 31 January 2014.
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