On February 6, 2026, at Nantong StrongWind Shipyard (Jiangsu Province, China), the launching ceremony of the FSO PTSC LDV (Floating Storage and Offloading - Lac Da Vang) was successfully held. The unit will serve the development of the Lac Da Vang oil field at Block 15-1/05 offshore Vietnam.

The project is invested by Murphy Cuu Long Bac Oil Co., Ltd. (MCB), while PTSC Asia Pacific Co., Ltd. (PTSC AP) - a joint venture between PetroVietnam Technical Services Corporation (PTSC) and Yinson Production Capital Pte. Ltd. (Yinson) is responsible for the provision, operation, and maintenance of the facility once it comes on stream.

A key technical milestone of the Lac Da Vang Field Project

FSO PTSC LDV is designed with a storage capacity of over 500,000 barrels of crude oil, a deadweight tonnage exceeding 74,000 DWT, and a 20-year design life for the hull. The facility meets stringent requirements on safety, environmental compliance, and classification standards set by ABS, one of the world’s leading maritime classification societies.

Representatives of the stakeholders perform the ceremonial ritual at the launching ceremony

Speaking at the ceremony, Mr. Jason Ritchie - Development Manager, stated: “The launching of FSO LDV marks a particularly significant milestone for this project as well as Murphy’s development journey in Vietnam. This is not only the result of a construction phase, but also a testament to the strength of collaboration, dedication, and technical capabilities of PTSC and our domestic and international partners. Today’s milestone lays a solid foundation for achieving first oil in 2026, while opening long-term prospects for further exploration and development, contributing meaningfully to Vietnam’s energy sector.”

Once in operation, the FSO will undertake the receipt, storage, and offloading of crude oil from the Lac Da Vang field, ensuring continuous, safe production and optimizing offshore oil & gas logistics efficiency. Up to the launching milestone, the project has achieved more than 1,900,000 safe man-hours. Maintaining an absolute safety record at an international shipyard demonstrates the project team’s strong risk management capability, HSE control, and strict procedural compliance.

Mr. Pham Gia Minh - Deputy General Manager E&P Division, emphasized: “The FSO project is one of the key components in the overall field development chain, playing a decisive role in the commercial production timeline. Despite the various difficulties and challenges faced, FSO PTSC LDV has successfully achieved significant milestones, including today’s Launching milestone. We highly appreciate the close coordination, strong dedication, and tireless efforts of all parties involved in the project, as well as the shared commitment to placing safety as the top priority throughout the entire implementation process.”

Affirming EPCIC capability and expanding the FSO/FPSO value chain

In recent years, PTSC has continuously expanded its footprint in the FSO/FPSO market through investment, newbuild EPCIC, operation, and maintenance of large-scale floating storage facilities both domestically and internationally.

Panoramic view of the FSO PTSC LDV

The FSO LDV project stands as further proof of PTSC’s strategy to develop a high-quality technical oil & gas services value chain, while strengthening cooperation with international partners in the offshore energy sector. The successful launching demonstrates PTSC and Petrovietnam’s capabilities in project governance, technical integration, international construction execution, and deep participation in the global oil & gas industrial value chain, especially amid the strong global energy transition.

Mr. Chai Jai Jun - Group Chief Financial and Strategy Officer, AP Director, shared that the FSO LDV project marks a significant milestone in the partnership between Yinson and PTSC. The project is being executed in line with schedule while meeting all safety standards. After 15 years since the FSO Bien Dong project, LDV becomes the third jointly owned asset between the two parties, opening prospects for Yinson’s continued operations in Vietnam through approximately 2042.

“We remain committed to further investment, contributing to energy security and accompanying Vietnam’s sustainable development in the years ahead,” he affirmed.

Following the launching, the facility will enter subsequent phases including mechanical completion, equipment installation, and commissioning before sail-away to the field for hook-up and integration with the production system. Once operational, FSO PTSC LDV will help optimize production output, enhance project economic efficiency, and ensure environmental safety standards in offshore oil & gas operations further reinforcing the international position of Vietnam’s technical oil & gas service providers./.

Nguyen Quoc An Khang