PETALING JAYA: Yinson Holdings Bhd
’s unit, Yinson Production, has secured a four-year extension to its contract with Eni for the FPSO John Agyekum Kufuor (FPSO JAK) vessel in Ghana, which will add about US$600mil (RM2.5bil) to its firm contract backlog.
In a filing with Bursa Malaysia, the oil and gas company said the contract amendment involves upgrading the floating production, storage, and offloading (FPSO) vessel’s gas handling and processing capabilities, with gas export capacity to be increased to 355 million standard cu ft per day (MMscf/d) from about 210 to 220 MMscf/d.
It said the upgrade is aimed at addressing expected declines in reservoir pressure and involves the installation of gas compression equipment.
The modification project, which is expected to be completed by the first quarter of 2028, will involve the fabrication and integration of two topside modules.
They comprise the MG2 module, equipped with two gas turbine-driven compressors, and the MC4 module, an auxiliary gas treatment module designed to handle higher gas volumes.
Following completion of the modification works, the contract amendment will generate an incremental day rate for Yinson Production through 2036, while extending the firm lease period of FPSO JAK by four years to 2036.
According to Yinson, the upgrade would increase the vessel’s gas export capacity while supporting Ghana’s domestic gas supply and extending the economic life of the field.
FPSO JAK is owned by a joint venture led by Yinson Production, which holds a 74% controlling equity stake.
The remaining 26% is held by a Japanese consortium comprising Sumitomo Corp, Kawasaki Kisen Kaisha Ltd (K Line), JGC Holdings Corp and Development Bank of Japan Inc.
In a statement, Yinson Production chief executive officer Flemming Guiducci Gronnegaard said the signing of this contract amendment for the NAG Modification Project on FPSO JAK marks a milestone in the company’s partnership with Eni, its joint venture partners, and in Ghana’s energy sector.
“By increasing gas export capacity, we are strengthening reliable offshore energy infrastructure, supporting Ghana’s domestic energy needs, and helping extend the field’s economic life,” the chief executive officer said.
Meanwhile, Yinson’s net profit rose 26.7% to RM128mil in the second quarter ended July 31, 2026, from RM101mil a year earlier.
Moreover, its revenue fell 16.7% to RM1.14bil from RM1.36bil in the corresponding quarter last year, while earnings per share stood at 0.2 sen against 1.6 sen previously.
On a quarter-on-quarter basis, revenue increased 8.3% from RM1.05bil, mainly due to the impact of an annual charter rate escalation for FPSO Maria Quiteria and a higher number of operating days.
For the six months ended July 31, 2026, Yinson’s net profit rose 14.8% to RM248mil from RM216mil a year earlier, while its revenue fell 15.8% to RM2.19bil from RM2.59bil previously.
