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Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson Holdings, has celebrated the launch of a floating storage and offloading (FSO) unit destined for an oil field off the coast of Vietnam, Southeast Asia.
Nearly a year after a steel-cutting ceremony in February 2025 and keel laying in July 2025, the Singapore-based builder, OceanSTAR Elite Group , held the launching ceremony for the LDV FSO at Nantong Strongwind Shipyard in China on February 6, 2026. This unit is expected to be deployed at the Lac Da Vang oil field in Block 15-1/05 offshore Vietnam.
This milestone is perceived to mark the project’s transition into the delivery stage. The ceremony was attended by Murphy Cuu Long BacOil, PTSC Asia Pacific, ABS, and Titan Wind Offshore, said to reflect the strong collaboration driving this project.
The deal for the provision, charter, operation, and maintenance of the FSO was given to PTSC Asia Pacific, a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC), in December 2024 .
“Thanks to the excellent teamwork among all stakeholders, the project is currently progressing ahead of schedule,” underlined OceanSTAR Elite Group, adding: “We sincerely thank all partners for their continued trust and support as we move toward successful project delivery.”
Developed under the engineering, procurement, construction, and commissioning (EPCC) model, the LDV FSO features a storage capacity of 460,000 barrels and is designed to enhance operational efficiency while supporting sustainable offshore oilfield operations.
The FSO is scheduled for delivery in mid-2026. The company explains that the project team has achieved an outstanding safety milestone of zero lost time injuries (0 LTI) across 1.2 million man-hours, demonstrating OSE’s unwavering commitment to safety and operational excellence.
The Lac Da Vang field contains an estimated ultimate recovery of 100 million barrels of oil equivalent (mmboe) gross resources, with peak gross production of 30 to 40 mboepd and 10–15 mboepd net peak production.
Murphy Oil is the operator of Block 15-1/05 of the Cuu Long Basin with a 40% working interest, while its partners, PetroVietnam Exploration Production and SK Earthon, hold the remaining 35% and 25%, respectively.