After laying keel for one Vietnam-bound FSO, Singaporean firm wins work on another

Singapore-headquartered OceanSTAR Elite has achieved two milestones in the development of floating storage and offloading (FSO) units for offshore projects in Vietnam. One entails a keel-laying ceremony, and the other an engineering, procurement, construction, and commissioning (EPCC) contract.

As disclosed by OceanSTAR, the keel-laying event for the FSO destined for the Lac da Vang (LDV) project in the Cuu Long Basin was held on July 11 at Nantong Strongwind Shipyard in Tongzhou Bay, China.

This is the second milestone for the unit boasting a 460,000-barrel capacity, following the steel-cutting ceremony held in February 2025. According to OceanSTAR, the project is now approaching the halfway point and is on track for delivery in mid-2026.

A contract for the provision, charter, operation, and maintenance of the FSO was handed out to PTSC Asia Pacific, which is a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC), in December 2024.

Murphy Oil is the 40%-interest holder and operator of Block 15-1/05 holding the Lac da Vong field, while its partners, PetroVietnam Exploration Production and SK Earthon, hold the remaining 35% and 25%, respectively.

The Lac Da Vang field has 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.

Furthermore, on July 29, OceanSTAR disclosed having won an EPCC contract for an FSO destined for another development offshore Vietnam, the Block B. The FSO is part of a broader gas field development led by Petrovietnam’s subsidiary, Phu Quoc Petroleum Operating Company (PQPOC).

As the EPCC contractor, OceanSTAR has been put in charge of the engineering design, equipment, and material procurement and construction. The project will be executed by another joint venture between Yinson and PTSC, PTSC South East Asia (PTSC SEA), as disclosed by Yinson earlier this week.

According to OceanSTAR, the turret-moored FSO at Block B will be installed at a water depth of approximately 80 meters and will have a storage capacity of 350,000 barrels of condensate. The unit, which is designed for 25 years of continuous service without drydocking, is expected to achieve first condensate in Q3 2027.

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