Yinson In Negotiation For Potential FPSO Deal in Brazil

Yinson and its wholly owned subsidiary, Yinson Acacia Ltd has entered into a binding Memorandum of Understanding with Enauta Energia S.A. to engage in exclusive negotiations for the potential supply and charter of a floating production storage and offloading (“FPSO”) unit for the Atlanta field in Santos Basin, Brazil (“Atlanta Field”)

Atlanta Field is a post-salt oil field located 185km off the coast of Rio de Janeiro in Block BS-4 of Santos Basin, at a water depth of 1,550m. Enauta Energia, a subsidiary of Enauta, is the operator of block BS-4 and holds a 50% interest, while the remaining 50% interest is held by Barra Energia.

Under the terms both parties will look into a time charter agreement; and an operating and maintenance agreement. The target to start will be first quarter of 2022 and the agreement is to facilitate direct negotiations for the potential supply and charter of a FPSO in the Atlanta Field.

Established in 1998, Enauta is one of the leading independent companies in the Exploration & Production sector in Brazil. The Company has a strong presence in Brazil with two producing offshore assets, Atlanta and Manati field, as well as 19 exploration blocks. Enauta is a wholly owned subsidiary of Enauta Participações S.A., a listed entity on the Brazilian stock exchange B3 since 2011 with a market capitalization of RM3.0 billion, total equity of RM2.7 billion and a net cash position of RM1.5 billion as at June 2020.

Yinson began its business in 1983 founded by Lim Han Weng as a humble transport and logistics company in Johor Bahru, Malaysia. Over time the company expanded into areas of marine, offshore, greentech and renewables.

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