Singapore-based offshore contractor OceanStar Elite has secured a major engineering, procurement, construction, and commissioning (EPCC) contract for a floating storage and offloading (FSO) unit to be deployed at Vietnam’s Block B gas development. The FSO will support the integrated field development led by Phu Quoc Petroleum Operating Company (PQPOC), a PetroVietnam subsidiary.
The project is being implemented by PTSC South East Asia Pte Ltd, a Singapore-incorporated joint venture between PetroVietnam Technical Services Corporation (51 percent) and Malaysia’s Yinson Production (49 percent). The FSO will be moored in 80 metres of water using an external turret mooring system and will have a storage capacity of 350,000 barrels of condensate. It is designed for 25 years of continuous operation, with first condensate expected in Q3 2027.
This is OceanStar’s second consecutive FSO contract with PTSC and Yinson, following the Lac Da Vang FSO awarded in late 2024. Separately, Yinson has signed a lease and operations contract with PTSC for a 14-year term, with a possible nine-year extension.