Yinson Production Pte Ltd, an indirect wholly-owned subsidiary of Yinson Holdings has been awarded two Letters of Intent by Petróleo Brasileiro S.A. (“Petrobras”) for the provision of floating production storage and offloading facility Integrado Parque das Baleias to be based in the North Campos Basin, Offshore Brazil; and for operation and maintenance services during the charter phase of IPB FPSO.
These two LOI’s are valued at approximately US$5.2billion or RM21.7 billion, following the award Yinson Bergenia Production B.V. Netherlands an indirect subsidiary of the group, will enter into a charter contract with Petrobras for the provision of IPB FPSO and Yinson Bergenia Serviços de Operação Ltda., a wholly-owned subsidiary incorporated in Brazil, will enter into a service contract with Petrobras for the provision of operation and maintenance services of IPB FPSO
The LOIs represent Petrobras’ formal agreement to the final proposals submitted, the term of the charter is for a fixed period of 8,218 days or approximately 22.5 years under the contracts from the date of final acceptance of IPB FPSO. The IPB FPSO is expected to commence operation by the fourth quarter of 2024.
This will be one of the largest contracts for the group received this year, in August this year BbusinessToday published news on how Yinson was establishing itself in Brazil for potential FPSO deals. However, that project was for the Atlanta Field together with Enauta Energia S.A. and its subsidiary Yinson Acacia.
The group had also raised RM1 billion in Islamic mid-term notes for the purpose of working capital with HSBC Amanah acting as the Sole Sustainability-Linked Structuring Adviser for the Framework.
