Yinson, First E&P in USD902mln FPSO Deal

March 1, 2019

World Energy Reports LLC.
Yinson, First .jpg

Malaysia’s floating production storage and offloading (FPSO)-operator Yinson and Nigerian oil company First Exploration & Petroleum Development Company Ltd (First E&P) have executed a contract for an FPSO to be deployed offshore Nigeria.

The contracts worth US$901.79 were entered into via its wholly-owned subsidiary Yinson Nepeta Production Ltd (YNPL) and indirect subsidiary Yinson Operations & Production West Africa Ltd (YOPWAL).

The estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised, comprising the bareboat charter contract of US$617.09mil (RM2.51bil) and the O&M contract of US$284.7mil (RM1.16bil).

The FPSO is expected to commence operations at the Anyala and Madu fields by the fourth quarter of 2019.

 Yinson group chief executive officer Lim Chern Yuan said the group would be redeploying one of its existing vessels, FPSO Allan, to Anyala & Madu, and the vessel would be renamed FPSO Abigail-Joseph.

FPSO Allan ceased operations on Jan 31, after a tenure of nearly 10 years at the Olowi Field in Gabon.

"The redeployment of FPSO Allan is a strategic decision that has enabled us to bring forward the project schedule at the same time delivering a more cost-effective solution for our client," said Lim.

Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Production Systems Report And Online Database

  • Monthly reports -- Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 80 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In October of each year we provide a detailed five year forecast of production floater orders. In March of each year we fine tune the forecast and make revisions as needed.
  • Online database -- The online database is updated every day – with information direct from primary sources. In the database are details for 240 planned projects, 370 installations in service, 70+ floaters on order and 20+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database.
  • Customer support -- We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request a Free Sample Report