Yinson gets downgrades on tender cancellation

Analysts wasted no time in cutting their stock price targets for the group after it was reported on Friday that Brazilian oil major Petrobras had cancelled its tender for a project involving the redevelopment of the Parque das Baleias (PDB) offshore oil fields in Brazil’s CamposBasin, as it could not agree to Yinson’s daily charter rate offer of US$645,750 (RM2.73mil) per day.

PETALING JAYA: A slew of downgrades has piled on for energy infrastructure company Yinson Holdings Bhd after a surprised cancellation of a major tender.

Analysts wasted no time in cutting their stock price targets for the group after it was reported on Friday that Brazilian oil major Petrobras had cancelled its tender for a project involving the redevelopment of the Parque das Baleias (PDB) offshore oil fields in Brazil’s CamposBasin, as it could not agree to Yinson’s daily charter rate offer of US$645,750 (RM2.73mil) per day.