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PVEP, MODEC and PV TRANS sign FPSO lease contract for Song Doc Well

On the afternoon of June 22, 2017, at PVEP headquarters, the lease and transfer signing ceremony of a FPSO to Song Doc Well was conducted.

FPSO Song Doc2

Following negotiations that started in March 2017 and was finally signed on June 22, 2017 with 3 MODEC meetings, and 7 SPO meetings.

As per the signed tri-partite contract (PVEP/Modec/SPO): Modec (Song Doc MV19 B.V. as the subsidiary) will transfer the rights and responsibilities of the leaser to SPO. PVEP confirms this transfer and frees Modec from future contractual obligations.

New FPSO lease contract for Song Doc MV19 (signed between PVEP/SPO): the two sides agree on the leasing of the FPSO Song Doc MV19 B.C for an additional year (for at least 10 months) with a lower final price as compared to the original MODEC offer (discount of 1.3 million USD). 

PVTrans OFS was selected by SPO to ensure the operation and maintenance of FPSO Song Doc MV19.

The project is awaiting final approval from the Prime Minister. 

Source: PVEP