Posted by Jimmy Song > 2014-06-09 08:14 | Report Abuse

YINSON’S FPSO PTSC LAM SON: FIRST OIL AHEAD OF SCHEDULE THE GROUP’S FPSO WHICH SAILED OFF TO VIETNAM WATERS IN MARCH 2014 HAS PRODUCED ITS FIRST OIL WEEKS AHEAD OF SCHEDULE KUALA LUMPUR, MALAYSIA 06 JUNE 2014 - YINSON HOLDINGS BERHAD(“Yinson”, the “Company” or “云升控股有限公司”), a leading international independent offshore production and support services provider, is proud to announce that the Group’s latest floating production storage and off-loading vessel (“FPSO”), PTSC Lam Son has produced its first oil today ahead of its original schedule. This achievement follows its earlier accomplishment in August 2013 when the Group’s first floating storage and off-loading vessel (“FSO”) PTSC Bien Dong 01, produced its first condensate within the schedule of client. “Since we have expanded our business into the oil and gas industry, our journey has been a remarkable experience thus far. Despite the hard work involved, the fruits of our efforts are starting to show and it is exciting to witness our successful transformation from a simple logistics company to an international oil and gas player within four (4) years,” commented Mr. Lim Han Weng, Group Executive Chairman of Yinson. The Lam Son project is a 49:51 joint venture between Yinson and PetroVietnam Technical Services Corporation (“PTSC”), respectively for the provision and chartering of the FPSO with a total contract value of up to USD737.3 million (approx. RM2.35 billion). This bareboat contract is for a firm period of seven (7) years with an extension option of up to three (3) years. Yinson expects the activites of Lam Son to start contributing positively to its profits for its financial year ending 31 January 2015. “In spite of our recent business growth, the management does not plan to ease off any of our plans and efforts for further growth, including plans for strategic expansion,” Lim added further. On the 16 May 2014, the Group had announced a Renounceable Rights Issue of 258,199,610 new ordinary shares of RM1.00 each in Yinson on the basis of one (1) rights share for every one (1) existing share at an issue price of RM2.20 per rights share. The exercise will raise approximately RM568 million in which the Group will utilise the rights issue proceeds for expansion activities and repayment of borrowings to reduce their current net gearing. For further information, please log onto www.yinson.com.my orwww.bursamalaysia.com.my