A contract worth 600 million USD to supply a floating production and storage platform for the Thang Long/Dong Do oil field was signed in Hanoi on May 24.

The contract is between the PetroVietnam Technical Services Corporation (PTSC) and the Lam Son Joint Operating Company over seven years.

Under the contract, PTSC will be the main contractor and provide the consulting and designing. It will also supply the equipment and take part in the building and installation as well as commission the vessel.

The platform is designed with the latest technology and has the capacity store 350,000 barrels of oil and process 18,000 barrels a day and should last for over 10 years.

The platform is scheduled to receive its first oil by the end of 2013.