Singapore-based floater owner and operator Yinson Productions, together with its JV partner, PTSC, has successfully secured a $131.5m senior secured bank financing for the FSO for the Block B project offshore Vietnam. The vessel is currently under construction in China, with completion anticipated in 2027. Once completed, the vessel will be deployed in Block B in Vietnam with Phu Quoc Petroleum Operating Company under a 14-year firm charter with up to 9 years extension options. The facility – structured and arranged in-house – will partly finance the construction of the FSO and has a 12-year post-delivery maturity, aligned with the underlying project tenor. “I think what stands out about this financing is the rather long tenor of more than 13 years door-to-door, including 12 years post-delivery, against a backdrop of shorter maturities available in the market due to Basel regulations,” said Markus Wenker, CFO of Yinson Productions. The FSO is the second of two sisterships Yinson Productions currently has under construction in China, destined for Vietnam. The other is being built for Murphy Oil, with construction expected to be completed this year. The units are financed separately and owned together with PTSC. The double-hull, turret-moored FSO is designed to remain stationed for 25 years without drydocking and can store up to 350,000 barrels of condensate. As for the Block B gas project, it is located off southwest Vietnam, in water depths of 77-80 m, approximately 250 km from Ca Mau province.