Yinson Production and PTSC secure $131.5 million financing for Block B FSO vessel in Vietnam
Type: Financing · Technology: Oil Gas · Country: Vietnam · Value: $131.5M · Announced: 2026-05-18
Yinson Production and its joint venture partner PTSC South East Asia secured a $131.5 million senior secured bank financing facility to partly fund the construction of a floating storage and offloading (FSO) vessel for Vietnam’s Block B gas project. The financing, structured and arranged in-house by Yinson, has a 12-year maturity post-delivery and was provided by lenders Mizuho and UOB. The FSO vessel, currently under construction in China for Phu Quoc Petroleum Operating Company (PQPOC), is expected to begin operations by Q3 2027 and will support the Block B gas field offshore Vietnam. Designed for 25 years of operation without drydocking, the vessel will have a storage capacity of up to 350,000 barrels of condensate. PTSC South East Asia, jointly owned by Yinson Production (49%) and PetroVietnam Technical Services Corporation (51%), secured the lease-and-operate contract for the FSO in July 2025 from PQPOC, operator of Blocks B 48/95 and 52/97 on behalf of PetroVietnam.
Counterparties
- Phu Quoc Petroleum Operating Company (PQPOC) (Offtaker)
- Petrovietnam (Parent Company)
- Yinson Production (Borrower)
- Mizuho (Lender)
- PTSC South East Asia (Parent Company)
- UOB (Lender)
- PTSC South East Asia (Borrower)
- PetroVietnam Technical Services Corporation (Parent Company)