Yinson Holdings reported MYR1.179 billion ($289 million) in Q2 FY2027 operating cash flow as FSO PTSC Lac Da Vang, its floating storage and offloading unit, underwent final commissioning offshore Vietnam.
The vessel sailed from Tong Zhou Bay, China, on July 21 and arrived at the Lac Da Vang field on August 7. Yinson said on September 29 that commissioning was progressing.
Yinson Group Executive Chairman Lim Han Weng said the company was moving towards expected first oil and the commencement of the vessel’s charter in Q4 2026.
Net cash flow from operating activities was up from MYR689 million in Q1 FY2027. Yinson said cash flow was also stronger year on year, citing its fully operational floating production, storage and offloading (FPSO) fleet.
Revenue for the three months ended July 31 was MYR1.136 billion, down from MYR1.364 billion in Q2 FY2026. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to MYR665 million from MYR738 million. Both measures rose from Q1 FY2027, when revenue was MYR1.049 billion and EBITDA MYR611 million.
For the six months to July 31, revenue fell MYR409 million to MYR2.185 billion and EBITDA declined eight per cent to MYR1.276 billion. Group profit after tax rose 15 per cent to MYR295 million.
Yinson attributed the half-year revenue decline mainly to the absence of engineering, procurement, construction, installation and commissioning (EPCIC) activity as construction progressed. Increased FPSO operating contributions partly offset the decline; Agogo FPSO began its charter period on August 12, 2025.
Yinson said group profit after tax rose largely because, after FPSO Maria Quitéria’s project financing loan was refinanced into a $1.168 billion project bond in July 2025, a one-off charge on its remaining deferred financing costs was not repeated. Lower revenue and higher tax expenses partly offset the increase.
PTSC Asia Pacific, owned 49 per cent by Yinson Production and 51 per cent by PetroVietnam Technical Services Corporation, holds the contract to provide, charter, operate and maintain the FSO for Murphy Cuu Long Bac Oil.
The agreement has an initial 10-year period and may be extended by as many as five years.
Yinson valued the contract at up to approximately $416 million when it was awarded in 2024. Murphy Oil operates in Block 15-1/05 with a 40 per cent working interest; the Lac Da Vang field is located there.
The FSO is a double-hull newbuild with storage capacity of about 500,000 barrels. A vessel review describes its dual-fuel systems and its processing rating of 20,000 barrels per day.
