Yinson bags FPSO contract in Nigeria


Yinson Holdings Bhd

PETALING JAYA: Yinson Holdings Bhd has secured a contract for the charter, operations and maintenance (O&M) of a floating production storage and offloading (FPSO) vessel in Nigeria.

The contract is worth US$901.79mil (RM3.67bil).

The FPSO contracts, awarded by First Exploration & Petroleum Development Company Ltd (FIRST E&P), are for a firm period of seven years, followed by a two-year and six yearly extension options exercisable by FIRST E&P.

The estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised, comprising the bareboat charter contract of US$617.09mil (RM2.51bil) and the O&M contract of US$284.7mil (RM1.16bil).

The FPSO is expected to commence operations at the Anyala and Madu fields by the fourth quarter of 2019.

Yinson group CEO Lim Chern Yuan revealed that Yinson would be redeploying one of their existing vessels, FPSO Allan, to Anyala & Madu, and that the vessel would be renamed FPSO Abigail-Joseph.

FPSO Allan recently ceased operations on January 31, 2019 after nearly 10 years tenure at the Olowi Field in Gabon.


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