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Yinson Vietnam FPSO hit by force majeure

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Malaysian floating production storage and offloading (FPSO) vessel player Yinson Holdings has seen its FPSO working in the Ca Rong Do field offshore Vietnam hit by a force majeure event where the charterer Talisman Vietnam has been directed not to carry out the scheduled work programme for the time being. No further details were disclosed.

Yinson had won the $1bn 10-year plus optional extensions contract in April 2017. The contract involved a bareboat time charter and operation and maintenance component for the FPSO to be deployed in the Ca Rong Do field.

The company said in a stock market announcement it has sought clarification from Talisman Vietnam on the nature of the alleged force majeure event, including particulars of how Talisman Vietnam’s performance of its obligations under the contract has been affected, and its intended action to remedy the situation as provided for under the provisions of the contract.

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Pending resolution of the matter, it would “take all reasonable actions to mitigate the effects of the force majeure event”, Yinson said, adding it would continue to monitor the situation and assert its under all relevant contracts and in laws, for any claims, liabilities, losses, and/or damages against or suffered by it in any way.