Yinson signs firm contracts with Petrobras

FPSO Maria Quitéria is Yinson's second project award with Petrobras and the third project award in Brazil.

KUALA LUMPUR: Yinson Holdings Bhd has signed firm contracts with Petróleo Brasileiro S.A. (Petrobras) for the charter, operations and maintenance of FPSO Maria Quitéria, formerly known as FPSO Integrado Parque das Baleias (IPB), a floating, production, storage and offloading (FPSO) vessel in the North Campos Basin, offshore Brazil.

In a statement, Yinson said its wholly owned subsidiaries, Yinson Production Pte Ltd, Yinson Bergenia Production B.V. and Yinson Bergenia Serviços de Operação Ltda signed the agreement with Petrobras.

This is pursuant to the two Letters of Intent (LOI) for the project that were awarded on Nov 12, 2021.

“The estimated aggregate value of the contracts is equivalent to US$5.2bil while the contract period is for 22.5 years from the date of the final acceptance,” Yinson said.

FPSO Maria Quitéria is Yinson's second project award with Petrobras and the third project award in Brazil.

Yinson group chief executive officer Lim Chern Yuan said Brazil was a vital market to the group and it was thrilled that Petrobras had entrusted them with the delivery of FPSO Maria Quitéria.

“We would like to thank Petrobras for placing their confidence in us and we look forward to continuing to build Brazil’s energy industry together,” Lim said.

Yinson chief executive officer offshore production Flemming Grønnegaard said: “The experience that Yinson has gained so far through the FPSO Anna Nery project, which was awarded by Petrobras in 2019, has proven invaluable and we are confident that this shall serve as the backbone for the successful delivery of FPSO Maria Quitéria.”

“At the heart of this project is Yinson and Petrobras' joint aspiration towards tackling world climate issues. We look forward to implementing low emission designs that were a key consideration of FPSO Maria Quitéria’s design scope and begin realising Yinson's zero emission FPSO concept, which is an important component in Yinson's Climate Goals Roadmap,” he added.