Yinson unit gets Vietnamese service contract

Yinson holdings BHD unit Yinson Tulip Ltd has landed a service contract from PetroVietnam Technical Service Corp (PTSC) for the provision of offshore support vessel for the purpose of assisting and servicing platforms through performing supply runs for supplies from the supply base to drilling units, standby duties, emergency and evacuation and oil recovery.

In a filing to Bursa Malaysia Securities on Monday, May 3, Yinson the vessel would be used off the coast of Vietnam and Malaysia.

It said PTSC had awarded the project to Yinson to support their current requirements in Vietnam and Malaysia.

“The contract is awarded for a bare-boat tenure of five years with an option to extend for another two years period.

“It is estimated the value of the contract for the seven year duration to reach approximately RM87.5 million,” it said.

Yinson said the contract was expected to contribute positively to its earnings for the financial years ending 31 January 2011, 2012, 2013, 2014, 2015, 2016 and 2017.

The Edge Malaysia

Tags: Vietnam petrol

Posted by VBN on May 4 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry