[Vietnam] Block B FSO

[escveritas]

29 Jul 2025



OceanSTAR Elite (OSE) has announced that it has been awarded the Engineering, Procurement, Construction, and Commissioning (EPCC) contract for the Block B Floating Storage and Offloading (FSO) unit offshore Vietnam. The FSO is part of a broader gas field development led by Branch of Vietnam National Industry – Energy Group -Phu Quoc Petroleum Operating Company (PQPOC), with the project executed by PTSC South East Asia Pte Ltd (PTSC SEA)—a joint venture between PetroVietnam Technical Services Corporation (PTSC, 51%) and Yinson Production Capital Pte Ltd (Yinson, 49%).

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

This contract marks the second EPCC project awarded to OSE in collaboration with PTSC and Yinson, following the successful LDV FSO project secured in late 2024. The consecutive awards further validate OSE’s proven capability in delivering high-quality, schedule-driven floating production and storage solutions in the region.

As the EPCC contractor, OSE is responsible for the complete execution of the Block B FSO, including engineering design, equipment and material procurement and construction. The project adds to OSE’s growing offshore portfolio and reflects strong client confidence in its technical delivery.

OSE extends its appreciation to PTSC and Yinson for their continued trust and looks forward to contributing to the successful realization of the Block B FSO project.

[escveritas]

19 Dec 2025



OceanSTAR Elite (“OSE”) has announced the successful completion of the Block B FSO Steel Cutting Ceremony on 19 December 2025 in Nantong, China, marking the official commencement of construction for the Block B FSO Project.

The ceremony was attended by representatives from the Owner, Project Partners, Classification Society, Shipyard, and Local Authorities, including PQPOC, PTSC, OceanSTAR Elite, ABS, StrongWind Shipyard, and the Nantong Innovation Zone Government.

The Block B FSO is a core facility under Vietnam’s integrated gas field development programme. The FSO hull is the second unit based on OSE’s AiP-approved standardized hull design, OSE GH200 – “Generic Hull”, developed under the “Design-One, Build-Many” concept, reinforcing efficiency, repeatability, and risk reduction.

The project is executed by PTSC South East Asia Pte. Ltd. (PTSC SEA), a joint venture between PTSC (51%) and Yinson Production Capital (49%), combining strong offshore project management expertise with proven execution capabilities.

As a key asset supporting Vietnam’s national gas-to-power integration strategy, the Block B FSO is designed to process approximately 5.07 billion cubic meters of natural gas per annum, supplying clean and reliable energy to three southwestern provinces of Vietnam, with an expected service life of 23 years.

This project represents OSE’s second EPCC contract awarded in collaboration with PTSC and Yinson, following the LDV FSO Project in late 2024—further strengthening OSE’s growing track record in the floating production and storage sector.