Posted by Jimmy Song > 2013-04-29 04:01 | Report Abuse

SUNG DONG, SOUTH KOREA, 29 APRIL 2013 - YINSON HOLDINGS BERHAD (“Yinson”, the “Company” or “云升控股有限公司”), Malaysia’s premier integrated offshore services provider had its official Naming Ceremony for its Floating Storage and Off-Loading Vessel (“FSO”) this morning at Sung Dong Shipyard, South Korea, where the vessel was built. Yinson’s 49% equity owned FSO vessel, now officially named “PTSC Bien Dong 01” will set sail on the 04 May 2013 to Vietnam waters, where the oil field that PTSC Bien Dong 01 has been assigned for is located. The Naming Ceremony was attended by the CEO of PetroVietnam and PetroVietnam Technical Services Corporation (“PTSC”) with speeches delivered hearing the CEO of PTSC expressing thanks to all involved. “Sincere thanks to all parties involved, including lenders UOB and OCBC, Singapore and the project management team of Sung Dong Shipyard” PTSC Bien Dong 01 baring a total construction cost of USD150 million was fully completed and launched ahead of its schedule last year in September 2012. PTSC Bien Dong 01 is to facilitate the bareboat charter contract worth USD331 million (approx. RM1.03 billion) that was secured by the Company in May 2011 for a firm period of ten (10) years, with the option to extend for another (5+2+2+1) years. The contract is a joint-venture (“JV”) partnership between Yinson and PTSC forming the operating subsidiary PTSC South East Asia PTE Ltd. PTSC South East Asia (Yinson 49% and PTSC 51%) will charter the FSO vessel onwards to Bien Dong Petroleum Operating Company with its first condensation date scheduled for June 2013. Commenting on the occasion, Mr. Lim Han Weng (“林汉荣”), Managing Director of Yinson said: “Today’s naming ceremony is an event highlight for Yinson, as it effectively stamps a mark for the Company’s first FSO vessel. It is also a fulfilling moment of evidence that we have achieved our next level of success since we first started structuring our business transformation.”