Malaysian FPSO vessel player Yinson Holdings has had a major Vietnam contract worth $737m cancelled, as the operating company that it had chartered its vessel to, is being wound up, the company said in a stock market announcement.
The floating production sector has “turned the corner” according to analyst Energy Maritime Associates.
Owners and operators of offshore oil and gas assets have not seen light at the end of the tunnel for the severely depressed market, which continued to be marked by stunted activity levels and lingering overcapacity amid tame oil prices.
Alam Maritim Resources has won a MYR34m ($7.6m) contract to demobilise the FPSO vessel Perisai Kamelia.
Malaysian oil and gas company Bumi Armada was the latest to take a hit from poor market conditions, finally succumbing to a MYR1.1bn ($247.3m) hit from impairments it had to take on its offshore support vessel (OSV) fleet.
Bumi Armada celebrated a milestone with the successful hook up of its floating production, storage and offloading (FPSO) vessel Armada Kraken at the Kraken field in the UK North Sea on 13 February.