n 26/4/2017, at Vietnam National Oil and Gas Group's head quarter, PetroVietnam Technical Services Corporation (PTSC) had entered into a Novation Agreement of the contract for the Supply, Operation and Maintenance of a Floating Production Storage and Offloading ('FPSO') facility for Ca Rong Do Field Development - Block 07/03 Offshore Vietnam with Partner Yinson Clover Ltd ('YCL'), an indirect wholly owned subsidiary of the Yinson Group and Client Talisman Vietnam 07/03 B.V. (Repsol).
The contract is Time - Charter contract comprising Bareboat scope of work and Operation and Maintenance of FPSO. Pursuant to the terms of the Contract, the FPSO will be chartered on a time charter basis for a firm period of ten (10) years ('Firm Charter Period') with maximum five (5) extension options of one year each exercisable by Repsol upon completion of the Firm Charter Period.
It is the intention of PTSC and YCL to jointly undertake the execution and performance of the Bareboat scope of work via a Joint Venture Company ('JVC') to be held 51% by PTSC and 49% by YCL. Upon incorporation, the JVC will enter into a bareboat charter contract with PTSC for the Bareboat SOW. The FPSO is expected to be ready for operation and production at the Field on due time with the First Oil target on 09/2019. The contract for Operation and Maintenance service will be awarded by PTSC to its subsidiary - PTSC Production Services Joint Stock Company ('PPS').
The signing of this contract once again proves the capability and position of PTSC in the FSO/FPSO services sector. In addition, the execution and implementation of this Project is expected to contribute positively on PTSC's revenue and profit, as well as creating jobs for thousands of PTSC's employees on upcoming years.
It is the intention of PTSC and YCL to jointly undertake the execution and performance of the Bareboat scope of work via a Joint Venture Company ('JVC') to be held 51% by PTSC and 49% by YCL. Upon incorporation, the JVC will enter into a bareboat charter contract with PTSC for the Bareboat SOW. The FPSO is expected to be ready for operation and production at the Field on due time with the First Oil target on 09/2019. The contract for Operation and Maintenance service will be awarded by PTSC to its subsidiary - PTSC Production Services Joint Stock Company ('PPS').
The signing of this contract once again proves the capability and position of PTSC in the FSO/FPSO services sector. In addition, the execution and implementation of this Project is expected to contribute positively on PTSC's revenue and profit, as well as creating jobs for thousands of PTSC's employees on upcoming years.
PTSC
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