KUALA LUMPUR: Integrated offshore production and offshore services provider, Yinson Holdings Bhd announced today that PTSC Asia Pacific Pte Ltd (PTSC) will be receiving a termination fee of US$213.63 million (US$1 = RM4.07) which is to be settled by Jan 26, 2018. PTSC is a 49 per cent joint-venture company with PetroVietnam Technical Services Corp, which has concluded a settlement and amendment agreement (SAA) with PetroVietnam in relation to the bareboat charter contract which was terminated by PetroVietnam effective June 30, 2017. “Subject to the terms of the SAA, PTSC will be receiving a termination fee of US$213.63 million which is to be settled by Jan 26, 2018,” said Yinson in a filing to Bursa Malaysia. The SAA will not have material adverse financial impact on Yinson Group for the financial year ending Jan 31, 2018, it said.

Source: New Strait Times December 22, 2017 11:15 UTC