PETALING JAYA: Yinson
Production has completed the buy-out of the project loan related to floating production storage and offloading (FPSO) Atlanta from Brava Energia S.A.
In a statement, the comprehensive FPSO solutions provider said at the time of the completion of the transaction, the principal amount outstanding under the project loan was approximately US$408.8mil (RM1.7bil), for which the company paid a total cash consideration of approximately US$255.5mil plus approximately US$1.9mil in accrued interest.
“The transaction was funded with cash on hand and the company expects to raise new debt financing for the FPSO in the future.”
Yinson Production acquired FPSO Atlanta from Brava through the exercise of a purchase option in 2023, partly funded by the project loan provided by Brava.
“FPSO Atlanta is employed under a 15-year firm contract (plus five-year extension option) with Brava and achieved first oil on Dec 31, 2024. The remaining total contract value is approximately US$2bil,” said Yinson Production.
