Yinson in talks with Talisman Vietnam for FPSO contract

PETALING JAYA: Yinson Holdings Bhd has entered into exclusive negotiations with Talisman Vietnam 07/03 BV for the supply of a floating production, storage and offloading (FPSO) facility for the Ca Rong Do Field development in Vietnam.

In a filing with Bursa Malaysia yesterday, Yinson said Talisman Vietnam agreed via a letter of intent (LoI) dated Jan 20, 2017 to enter into exclusive negotiations with its indirect wholly owned subsidiary, Yinson Production Pte Ltd.

Yinson said the LoI is confirmation of Talisman Vietnam’s intention to award the contract to Yinson Production, subject to, among others, successful negotiations and finalisation of the terms and conditions of the contract, commercial arrangement and approvals of the relevant authorities – which are expected to be completed by April 2017.

An announcement will be made when the contract is executed, it added.

Ca Rong Do Field is located in Block 07/03 in the Eastern Sea offshore Vietnam.

Talisman Vietnam is a wholly owned subsidiary of Repsol SA, a global integrated oil company listed on the Madrid Stock Exchange and is the operator of the field. The other owners of Ca Rong Do Field are PetroVietnam, PetroVietnam Exploration Production Corporation, Mubadala Petroleum and Pan Pacific Petroleum.