On July 28, 2025, in Ho Chi Minh City, the Joint Venture PTSC South East Asia Pte. Ltd. (PTSC SEA), formed between PetroVietnam Technical Services Corporation (PTSC) and Yinson Production Capital Pte. Ltd., officially signed the Novation of the lease and operation contract for a Floating Storage and Offloading (FSO) which is signed between the Branch of Vietnam National Industry - Energy Group - Phu Quoc Petroleum Operating Company (PQPOC) and PetroVietnam Technical Services Corporation (PTSC). This is one of the largest and most strategic contracts within the Vietnam Block B Gas Project, marking a crucial step toward the completion of offshore infrastructure for gas gathering, processing, and condensate export.

PTSC SEA Joint Venture signs contract with PQPOC

The newbuild FSO will feature a turret mooring configuration at a water depth of approximately 80 meters, and a storage capacity of up to 350,000 barrels of condensate. The contract spans an initial 14-year term and can be renewed annually for the next 9 years. This marks the second FSO project jointly executed by PTSC and Yinson within a year, following the Lac Da Vang FSO (Murphy Oil) contract signed in late 2024. Along with the extended operation of FPSO PTSC Lam Son until 2026, this series of collaborations further solidifies the strategic partnership between the two companies, strengthening PTSC’s international footprint and competitiveness in offshore technical services.

Representatives of the parties at the signing ceremony

The FSO project is not only technically and commercially significant but also serves as a vital link to ensuring the progress and overall success of the Block B – O Mon Gas-to-Power Value Chain.  As a domestic general contractor participating in this major offshore infrastructure project, PTSC not only demonstrates its comprehensive and integrated execution capabilities but also plays a key role in coordinating and technically connecting the various components of the project. The continued trust of PQPOC and its partners in awarding this FSO contract further affirms PTSC’s solid reputation, technical strength, and leadership in offshore oil and gas services, especially as industry demands for integrated solutions, schedule compliance, and quality grow increasingly stringent. Tran Thi Huyen Trang - Photo: Phan Hung