Yinson Production—controlled by Malaysian tycoon Lim Han Weng’s Kuala Lumpur-listed Yinson Holdings—won a $600 million contract to supply a new floating storage and offloading (FSO) vessel to its joint venture company in Vietnam

Under the deal, Yinson Production will lease and operate the FSO vessel to PTSC South East Asia, which it jointly owns with PetroVietnam Technical Services Corp., over a 14-year contract period, with an option to extend for another nine years, Kuala Lumpur-based Yinson Production said in a statement.

Phu Quoc Petroleum Operating Co., which is developing offshore gas projects in southwest Vietnam, awarded the contract to PTSC South East Asia, Yinson Production said. “This contract is anticipated to achieve first condensate in the third quarter 2027,” the company said. The vessel can store up to 350,000 barrels of condensate, the liquids formed from gas.

The Vietnam contract will bring to 11 the offshore vessel fleet size of Yinson, one of the world’s biggest providers of floating production, storage and offloading (FPSO) vessels to the global oil and gas industry with over $19 billion worth of orders until 2048. FPSO vessels extract hydrocarbons from deep-sea wells, sift impurities, store the crude oil and transfer this to tankers to refineries.

Yinson Production has recently won new projects in Vietnam. In November, a separate joint venture of Yinson Production and PTSC was awarded the contract for the provision, charter, operation and maintenance of an FSO for Murphy Oil’s Lac Da Vang project. This was followed by the announcement in December of an 18-month extension for Yinson Production’s FPSO PTSC Lam Son contract to June 2026.

Besides Vietnam, the group has deployed FPSO vessels on long-term contracts, ranging from 15 to 25 years, in countries such as Angola, Ghana, Nigeria, Vietnam and Brazil.

Yinson Holdings was founded in 1984 by its chairman Lim Han Weng and his wife as a transport and trading business that morphed into a supplier of offshore support vessels to the oil and gas industry a decade later. By 2013, it became a full-pledged operator of FPSOs when it acquired Norway’s Fred Olsen Production. With a net worth of $480 million, the Lim family is among the wealthiest in Malaysia.