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Hanoi – Late July 2025 – A joint venture between PetroVietnam Technical Services Corporation (PTSC, 51%) and Malaysia’s Yinson Production (49%), under the name PTSC South East Asia (PTSC SEA), has secured a pivotal floating storage and offloading (FSO) contract for Vietnam’s burgeoning Block B gas development. Valued at approximately $600 million, the agreement outlines a firm 14-year lease-and-operate term, with potential extensions adding up to nine more years.
The FSO will be a newbuild, turret-moored, double-hull vessel, strategically designed for 25 years of continuous on-station operation without drydocking. It will be anchored in about 80 meters of water depth, boasting a condensate storage capacity of 350,000 barrels, with first condensate expected by the third quarter of 2027.
Geographic Scope and Operator
The contract was awarded by Phu Quoc Petroleum Operating Company (PQPOC), established by Petrovietnam to manage offshore blocks B, 48/95, and 52/97—key assets in Vietnam’s southwest offshore region.
Energy Security Goals
With the FSO integral to the Block B field, which is set to deliver over 5 billion cubic meters of gas annually, the project plays a vital role in supplying gas to local power complexes and supporting the nation’s energy transition.
Track Record of the JV
This award follows a successful FSO contract by PTSC AP (another PTSC–Yinson joint venture) for the Lac Da Vang project in late 2024, reflecting the JV’s deep roots and growing influence in Vietnam’s offshore energy sector.
Offshore facilities such as this FSO must endure corrosive marine environments, pressure extremes, and logistical challenges over long operational cycles. That’s where FUGO TECH’s clad plates offer compelling value:
Strong, Durable Composite Design
Clad plates combine the rugged strength of carbon steel with the corrosion resistance of alloy faces—such as stainless steel, nickel, or titanium.
High-Integrity Bonding
Fabricated using reliable explosion welding or roll bonding techniques, ensuring structural continuity and safety.
Wide Applicability
Perfect for core offshore components—like hull plating, piping systems, condensate tanks, and structural supports—where durability is non-negotiable.
Operational and Economic Advantage
These clad materials minimize maintenance requirements, extend asset lifespan, and drive down total lifecycle costs—a critical concern for long-term offshore operations
By integrating FUGO TECH’s clad plates at the FEED or EPC stage, stakeholders can reinforce both operational resilience and economic efficiency.
Nanjing Fugo New Material Tech Co., Ltd. (Fugo Tech) is an ISO 9001 and PED certified manufacturer specializing in Clad Plates and Machined Components (tube sheet, baffle plate, and dish head).
FUGO delivers tailored clad plate solutions using stainless steel, nickel alloys, titanium, copper, aluminum, zirconium, tantalum, and more—engineered for high-performance & corrosion-critical applications.
Our expertise extends to cutting-edge clad plate supplier capabilities, where we utilize controlled detonation techniques to create seamless molecular bonds between dissimilar metals, ensuring unmatched durability and thermal performance. Beyond plate manufacturing, we offer integrated head forming services, shaping clad materials into precision hemispherical or elliptical heads for pressure vessels and reactors. Pioneering unique material combinations, we also produce titanium clad copper composites that merge titanium's corrosion resistance with copper's superior conductivity, ideal for specialized electrical and marine applications.
For any new requirement, please contact: sales@fugo-tech.com
Fugo Tech is focused on the manufacturing of clad metal plate and distributes the Stainless Steel, Titanium, Nickel Alloy, Zirconium and other non-ferrous metal pipes, fittings, flanges, and fasteners.
