PTSC: Activated by Major Projects of Early 2010

PetroVietnam Technical Services Corporation (PTSC) has introduced a number of measures to navigate the adverse impacts of the global economic recession; achieving impressive business results.

PTSC is known domestically and globally as a major force for Vietnam National Oil and Gas Group (PetroVietnam), providing technical services for the oil and gas industry. In 2010, PTSC expects more success as many leading business groups have chosen it as a key partner and it has ongoing key oil and gas projects.

Particularly, on February 10, 2010, PetroVietnam Technical Services Corporation and Bien Dong Petroleum Operating Company (BDPOC) held a head of agreement (HOA) signing ceremony for the supply of a floating storage and offloading unit (FSO) for Hai Thach and Moc Tinh fields, Bien Dong 1 Project. This agreement resulted from the great efforts of PTSC to sustain and develop the market of floating production, storage, and offloading/floating storage and offloading (FPSO/FSO) units amid the global economic crisis. Following up the successful FPSO Ruby Princess, FSO Orkid, FPSO Ruby II, FSO Rong Doi MV12, FPSO Cuu Long MV9 and FSO PTSC Bach Ho, the FSO chartered to BDPOC will bring to 7 the number of PTSC’s fleet of wholly owned or jointly-owned FPSO/FSO currently under PTSC’s management and operation.

On March 6, PTSC signed an engineering, procurement, construction and installation (EPCI) contract with PetroVietnam College and PVEP Dai Hung Company. The US$57 million contract includes detailed engineering, construction, design, procurement of equipment and materials, loading and transportation of equipment, installation and testing in Dai Hung oil field, with phase 2 managed and operated by PVEP Dai Hung, a unit of PetroVietnam Exploration Production Corp (PVEP). In order to carry out this contract, PTSC will cooperate with J Ray Mc Dermott (JRM) – the main subcontractor.

After the EPCI contract, on March 19, PTSC launched the Chim Sao wellhead platform (WHP) jacket. This WHP together with the infield pipeline and gas export pipeline belongs to the first phase of a comprehensive development plan for Chim Sao & Dua fields operated by Premier Oil Vietnam Offshore at Block 12W, Nam Con Son Basin, offshore from Vung Tau City. The nearly 4,000 tonne modern jacket is the largest EPCI manufactured in Vietnam so far. At the same time, PTSC also fabricated the 2,200 tonne Su Tu Den Northeast WHP topsides for Cuu Long Joint Operating Company. The Corporation installed, examined and test-ran the entire facility and associated technological system. The contract value amounted to nearly US$190 million. The fabrication and launch of Chim Sao WHP and Su Tu Den Northeast WHP topsides reaffirmed the prestige and capacity of PTSC.

Also on March 19, PTSC started building PTSC-03 vessel at the PTSC downstream port. The vessel was part of a US$22 million project to build and operate PTSC-02 and PTSC-03 vessels to serve the operation of the Dung Quat oil refinery, the first of its kind in Vietnam. Once completed, the 4,750-CV vessel, with a tugging force of 64 tonnes, will be used to tug ships at SPM port and cope with oil spills in the Dung Quat refinery.

A number of projects in the beginning of 2010 have demonstrated the capacity of PTSC in the toughest times. With its current capabilities and accumulated experience, PTSC is striving to become a Top 3 supplier of petroleum technical services leading in Southeast Asia by 2025.

VCCI

Tags: PTSC, Vietnam enterprises

Posted by VBN on Apr 26 2010. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry