Yinson upbeat on FPSO market

KUALA LUMPUR: Yinson Holdings Bhd group CEO Lim Chern Yuan remains positive on the floating production, storage and offloading (FPSO) industry, in line with the increasing job bidding activities.

Speaking after the group’s annual general meeting (AGM), Lim said the job bidding activities is at its highest, as compared to the past three years.

“We believe there was an under-investment in the oil and gas business during the past few years, and it is catching up now.

“So, we see a lot of projects being awarded in a shorter period of time,” he said.

To date, Yinson has secured one project this year and is in exclusive negotiations for another project in Nigeria.

The group is expecting to finalise and sign a definitive agreement for the Nigerian contract by September.

“We continue to remain optimistic about the business — much more optimistic than the years before this.

“In the last one to two years, we have built up our balance sheet and human resources.

“That, coupled with where the oil price is currently, we are in a good position to take on projects,” added Lim.

Oil & Gas , Corporate News , Yinson