PTSC - Brandname affirmed with new height [02/04/2014]

On 8th March 2014, at Keppel Shipyard – Singapore, PetroVietnam Technical Services Corporation (PTSC) and its partners held the Naming Ceremony for “PTSC Lam Son” FPSO (Floating Production, Storage and Offloading Facility) for Thang Long – Dong Do Field Development Project of Lam Son Joint Operating Company (LSJOC).

The Naming Ceremony was solemnly held with the presence of His Excellency Mr. Tran Hai Hau – Ambassador Extraordinary and Plennipotentiary of the Socialist Republic of Vietnam in the Republic of Singapore, Dr. Phung Dinh Thuc – Chairman of Vietnam Oil and Gas Group (PVN), Dr. Nguyen Hung Dung – PVN Vice President, Mdm. Bui Kim Dung – Lady Sponsor and distinguished guests from Vietnam Registry, Ho Chi Minh City Port Authority, Vung Tau Port Authority, Mr. Hoang Ngoc Dang – Chairman of PetroVietnam Exploration Production Corporation (PVEP), Mr. Zulkarnain Bin Ismail – General Director of Petronas Carigali Vietnam Ltd. (PCVL), Dr. Phung Dac Hai – General Manager of LSJOC. PTSC’s delegation to the ceremony was led by Mr. Phan Thanh Tung – General Director and accompanied by Mdm. Nguyen Thanh Huong – Member of the Board of Directors, Mr. Nguyen Van Mau – Deputy General Director, Mr. Le Manh Cuong – Deputy General Director, and several project staff members. The ceremony was also presented by representatives from Keppel Shipyard, PVN subsidiaries, partners, clients, financing banks, contractors and media from Singapore, Vietnam and Malaysia.



“PTSC Lam Son” is a large scale project for repair and conversion of an FPSO (with overall investment of more than USD 400M). This is the first time that a Vietnamese contractor assumes the role of main contractor for the full project scope, ranging from finance arrangement, engineering, procurement, repair & conversion, transportation, offshore installation, to operation & maintenance during contract period with LSJOC. “PTSC LamSon”is designed with a minimum storage capacity of 350,000 barrels, capable of processing 18,000 barrels per day and working continuously offshore (without dry docking) for more than ten years. The systems on the FPSO include: power generators, boilers, separator, compressor, water injection, metering, anchor, 5 risers, 2 umbilicals to wellhead platforms and fire-fighting/ life-saving equipment which comply with international standards. “PTSC Lam Son” is now in its 22nd month while the duration for a project of this scale is normally at least 24 months.

In a speech at the Naming Ceremony, Mr. Le Manh Cuong – PTSC’s Deputy General Director emphasized that “this Project is of great importance not only for PTSC, LSJOC, PVEP, PVN but also for national energy security”. Mr. Le Manh Cuong reviewed project’s difficulties from the very beginning when PTSC took over from Fred Olsen Production (FOP - Norway) – the 4thlargest FSO/FPSO contractor in the world, the one having been awarded but then refused to continue with project implementation. As this is a complicated project, the withdrawal of FOP resulted in more technical, commercial and legal difficulties for PTSC.

However, with the “can-do” tradition of a Heroic Labor Unit and internal strength of a leading service company in Vietnam’s oil & gas industry, with guidance from PVN, support from LSJOC/PVEP/PCVL, cooperation from partner – Yinson Holdings Berhad, financing loan from OCBC/UOB and tireless efforts from related contractors, PTSC staffs and especially Project Management Team, the project had been taken over, re-deployed in the shortest time and successfully implemented with the spirit of creativeness and determination. The FPSO after completion of repair and conversion has achieved international standards and has been certified by DNV and Vietnam Register.    

On this occasion, Mr. Le Manh Cuong also complimented and appreciated the relentless efforts of PTSC staffs who have involved directly in the project, especially the personnel who have worked at Keppel shipyard and other yards around the world such as Batam (Indonesia), Johor Bahru (Malaysia), Australia, U.S, U.K, etc. for the last two years. The achievement is impressive with almost 7 million man-hour without LTI (lost-time injury).

Speaking at the Ceremony, on behalf of PVN, Dr. Nguyen Hung Dung – PVN Vice President acknowledged PTSC’s efforts on this project. By taking over the project from FOP, PTSC not only saved the project from collapsing which would cause a huge loss for Lam Son JOC and its partners PVEP/PCVL but also supported PetroVietnam’s subsidiaries in which the purchase of M/V Poseidon M from PVTrans is an example. Dr. Nguyen Hung Dung emphasized thatwith the success on this project, PTSC re-affirmed its ability and enhanced its position to become one of the leading FSO/FPSO contractors in the region. This has satisfied PVN’s expectation when PVN appointed PTSC as the focal point within the Group for chartering, operating and maintance of FSO/FPSO.

Continuous with success from investment and provision of FSO PTSC Bien Dong 01 for Bien Dong Petroleum Operating Company, the success of FPSO “PTSC Lam Son” project once again affirmed PTSC’s competence, prestige and growth in the field of investment, construction/conversion, production, operation and maintenance of FPSO/FSO - one of the six core businesses of PTSC. Revenue from chartering, operation and maintenance of FSO/FPSO reached 1.170,0 billion VND in 2013.

With over 20 years of development, with successful completion of several large-scale projects, PTSC continues to affirm its position as a leading high-brain-content contractor in the oil & gas industry, a partner of choice for high-tech and complicated petroleum and energy services in Vietnam and the region.


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