Yinson Production and PetroVietnam Technical Services Corporation (PTSC) have announced that the floating storage and offloading vessel FSO PTSC LDV achieved the first oil at the Lac Da Vang field in Block 15-1/05 offshore Vietnam on 27 September 2026.

The milestone arrives ahead of the previously communicated Q4 2026 schedule, marking a significant operational achievement for the new-build vessel and the wider field development. The announcement was made on 23 October 2026 by Yinson Holdings Berhad.

Provisional Acceptance and Charter Commencement

The first oil achievement followed the vessel's Provisional Acceptance on 20 September 2026, which marked the start of the firm charter period. With first oil now secured, the FSO has transitioned from project delivery into active service supporting production at the Lac Da Vang field.

Charter terms with Murphy Oil subsidiary

FSO PTSC LDV is chartered to Murphy Cuu Long Bac Oil Co., Ltd., a wholly owned subsidiary of Murphy Oil Corporation. The charter is structured as a 10-year firm contract, with extension options of up to five additional years, providing for potential service well beyond the initial term.

Dual-fuel new build serving Vietnam's energy sector

The vessel is described as a dual-fuel-powered newbuild FSO. Its arrival at Lac Da Vang is expected to support a field development that will ramp up through 2028 as additional wells are brought online. According to the announcement, the field will provide a vital new source of production to support Vietnam's growing energy sector.

Leadership commentary

Flemming Guiducci Grønnegaard, Chief Executive Officer of Yinson Production, described the first oil achievement as a proud moment for the company and a major operational milestone for the Lac Da Vang field.

He said the achievement reflects the strong collaboration, technical excellence, and shared commitment to safety among Yinson Production, joint venture partner PTSC, and client Murphy Oil Corporation. Grønnegaard added that the company looks forward to delivering safe, reliable, and successful operations alongside its partners for years to come.

A joint venture delivery

The project brings together Yinson Production and PTSC in a joint venture structure, with Murphy Oil Corporation as the end client through its wholly owned subsidiary.

The ahead-of-schedule first oil represents the culmination of the vessel's construction and mobilization phases, with the dual-fuel FSO now in revenue service under its decade-long charter at Block 15-1/05 offshore Vietnam.

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