Yinson's FPSO achieves first gas energy


  • Energy
  • Thursday, 19 Dec 2019

Yinson group chairman Lim Han Weng said the achievement was made possible through the great teamwork between the Yinson team, client and subcontractors.

KUALA LUMPUR: Yinson Holdings Bhd’s latest floating production, storage and offloading (FPSO) vessel, FPSO Helang completed performance testing and the charter rates started since Dec 6.

It said on Wednesday the Yinson team achieved timely delivery of first oil production 19 months after signing the contract for delivery of the FPSO facility with client JX Nippon Oil & Gas Exploration (M) Ltd.

Yinson group chairman Lim Han Weng said the achievement was made possible through the great teamwork between the Yinson team, client and subcontractors.

Lim said this was a special project as it marked the first project in Malaysia for Yinson.

“We are looking forward to contributing to Malaysia’s energy mix, ” he said, as he thanked JX Nippon and Petronas for the opportunity to undertake this project.

Yinson Energy CEO Datuk Mohamed Sabri Zain said the team achieved zero lost time injuries throughout the 6.025 million man hours clocked during the conversion and commissioning of FPSO Helang.

FPSO Helang is operating in Block SK10, offshore Miri and it is the group’s first entry into the Malaysian offshore oil and gas market.

Meanwhile, Bernama reported that Yinson has posted an increase in net profit to RM53.96mil in the third quarter of financial year 2020 compared with RM43.39mil in the corresponding period of FY2019.

Revenue declined to RM240.96mil compared with RM265.57mi previously.

In a filing with Bursa Malaysia yesterday, Yinson said the increase was mainly attributed to net favourable foreign exchange movement, net reversal in impairment loss on trade and other receivables, as well as low impairment loss on property, plant and equipment.

On the long-term outlook, it said the company remains optimistic of the industry’s overall outlook following its successful bid in Brazil for the FSPO Marlim 2 project and other potential upcoming projects.

This is despite the current global economic risks, increase in trade protectionism and geopolitical conditions uncertainty, Yinson pointed out.

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