Maybank Investment Bank upgraded shares of Yinson Holdings Tuesday on the heels of a floating production, storage and offloading (FPSO) contract worth more than $737m.

The Malaysian firm’s research division stamped the Kuala Lumpur-quoted offshore specialist with a “buy” rating and raised its price target for shares to MYR 2.54 ($0.80) from MYR 2.20.

The endorsement followed a deal in which Yinson and the co-owner of a floater due for delivery in the third quarter of 2013, PetroVietnam Technical Services, agreed to bareboat charter the unit for up to ten years to Lam Son, a joint venture backed by Asian energy giants PetroVietnam and Petronas.

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