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.
Following negotiations that started in March 2017 and was finally signed on June 22, 2017 with 3 MODEC meetings, and 7 SPO meetings,
PVEP POC, MODEC, PV Trans sign FPSO lease contract for Song Doc Well, witnessed by representative of the Government and leaders of PVEP.
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).
The discounted lease price of the FPSO for Song Doc Well can be considered a success for PVEP POC in the current context.
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.
Leaders of PVEP and partners celebrate the signing of the Contract
page_views: 447