It had secured an offshore services job worth some rm1 billion – more than 8 times its market cap of rm122 million as at 05 July 2011. The offshore services and logistics provider is set to bid for more contracts worth rm800 million. It is currently bidding for FSO platform supply vessel (PSV) and (AHTS) job locally and abroad, particularly Vietnam .
It is worth nothing that any successful tenders will add to its current order book of over rm1.2 billion, which includes the FSO job from PTSC worth some rm1 billion.
Yinson is a proxy for the Vietnam oil and gas play. It co owns a FSO with Petrovietnam and charter out two offshore support vessels. Yinson has a seven year contract from PetroVietnam to charter a 3000 dwt PSV and 5000 bhp of AHTS for its offshore venture in Vietnam .
Yinson is steadily turning from a commodity trader and logistics operator into an O&G play. 70% of Yinson’s earnings still come from commodity trading and logistics segment. In coming next five years, 80% will be from offshore services and O&G earnings to overtake those of its trading operations by 2014.
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