Yinson's FPSO Contract in Nigeria Ends after 16 Years as Client Opts to Buy the Floater

January 12, 2023

World Energy Reports LLC.
FPSO Adoon.png

The Malaysian FPSO leasing company Yinson has completed the 16-year contract for FPSO Adoon in Nigeria as the client Addax decided to buy the FPSO.

The contract for the FPSO which has been operating at Block OML 123 offshore Nigeria, had an original term of 8 years until 2014, with the option to extend by up to 8 more years until 2022. The contract was further extended by client Addax through consecutive monthly extensions until January 2023. 

Addax exercised its contractual option to purchase FPSO Adoon at the end of the contract period and the sale was completed on January 11, 2023. The purchase price was not disclosed.

FPSO Adoon was built by Yinson's predecessor company, Fred. Olsen Production ASA, for Addax and started operations in October 2006. 

The spread-moored FPSO, with a storage capacity of 1,7 million barrels of oil, can produce 60,000 barrels of oil per day.

According to Yinson, since the production start, the asset has provided safe and reliable operations to the client with an average technical uptime above 99.9% and no Lost Time Injuries (LTIs) for the last 11 years. 

According to Yinson, the FPSO Adoon has produced over 212 million barrels of oil, and clocked more than 6 million offshore manhours over its contract tenure.

Flemming Grønnegaard, Chief Executive Officer, said: “It fills us with pride to know that FPSO Adoon has been able to contribute significantly to Nigeria’s energy landscape for the past 16 years, positively impacting the local economy and wellbeing of the community. This has been made possible by our passionate team at Port Harcourt, with unwavering support from our client Addax, the regulatory bodies in Nigeria and the local community and supply chain. Deepest appreciation to everyone who played a part in FPSO Adoon’s success story.”

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

  • Annual five year outlook and forecast – At the start of each year we prepare a detailed assessment of future deepwater development and forecast the pace of orders for floating production systems over the next five years. Our 2021 annual report looks at market conditions likely to prevail through 2025 and provides our assessment of which of the 200+ floater projects in the planning queue will reach the final investment decision by end-2025
  • Monthly reports - Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 100 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In our May report we revisit the annual 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 200+planned projects, 390+ installations in service, 40+ floaters on order and 40+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database. Data are easily exported to excel spreadsheet.
  • 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 Demo