Malaysia’s Yinson consortium gets $737m contract

Malaysia’s Yinson Holdings Bhd and its partner PetroVietnam Technical Services Corp have won a $737.3 million marine transport contract from a joint venture between oil firms from the two countries, according to a stock exchange filing.

The joint venture is between oil major PetroVietnam and Malaysia’s state oil firm Petronas.

“Despite the recent decline in crude oil prices… the board believes that the prospects of (the) proposed joint venture shall be positive,” Yinson said in the filing on Monday.

The job had previously been awarded to Fred Olsen Production for $500 million but it fell through after financial difficulties at the Norwegian firm, according to local business daily, The Edge Malaysia.

Yinson shares have risen some 63 percent so far this year, far outperforming the Malaysian benchmark stock index’s 2.61 percent rise.

Yinson shares rose 1.43 percent by 11.30 a.m. (0330 GMT), while the stock index was up 0.52 percent.


Category: Malaysia

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