KUALA LUMPUR: PTSC Asia Pacific has executed a contract for the provision, charter, operation and maintenance of the floating storage and offloading (FSO) vessel for the Lac Da Vang project with Murphy Cuu Long Bac Oil Co Ltd. PTSC Asia Pacific is a joint venture between Yinson Production Offshore Pte Ltd (49 per cent) and PetroVietnam Technical Services Corporation (51 per cent). According to BERNAMA News Agency, Yinson Production stated that the contract has a firm period of 10 years with the option to extend up to five years, valuing the total contract at approximately US$416 million (US$1=RM4.44). Yinson Production's chief executive officer, Flemming Gronnegaard, commented that the Lac Da Vang FSO project showcases the robust partnership with PTSC and their mutual commitment to operational excellence. He expressed pride in contributing significantly to Vietnam's energy security. The company revealed that the FSO will be a newly built double-hull vessel with a storage capacity of around 500,000 barrels, featuring advanced dual-fuel systems for optimized efficiency. The construction is projected to take approximately two years, with operations anticipated to commence in the Lac Da Vang field located in Block 15-1/05 offshore Vietnam in the fourth quarter of 2026.