Brazil FPSO jobs aplenty for local players

CIMB Equities Research has downgraded Yinson Holdings Bhd from Add to Hold after the share price rallied 23% over the past three months.

The buzz is on for the local floating, production, storage and offloading (FPSO) players. And it is not because of jobs to be awarded by Petroliam Nasional Bhd but opportunities are coming from overseas, particularly Brazil.

According to data from the Energy Maritime Associates (EMA), there are six FPSO contracts likely to be awarded in Brazil this year. So far, one of the tenders for FPSO has been concluded and another close to be awarded.