Yinson Holdings Berhad through its indirect wholly-owned Netherlands-based subsidiary Yinson Bergenia Production B.V. has entered into a USD720 million syndicated loan facility for the FPSO Maria Quitéria project.
The agreement is with ING Bank N.V., Singapore Branch, Maybank Group, Natixis Corporate & Investment Banking, Standard Chartered Bank (Singapore) Limited, and United Overseas Bank Limited as Mandated Lead Arrangers, Underwriters, and Bookrunners. Including Hongkong and Shanghai Banking Corporation Limited and J.P. Morgan who are participating as Mandated Lead Arrangers.
The oil and gas player said the 6-year limited recourse loan will be used to support the ongoing construction of FPSO Maria Quitéria, a floating, production, storage, and offloading project awarded to Yinson by Petróleo Brasileiro S.A. in November 2021.
Yinson Group Chief Strategy Officer Daniel Bong said that the deal was a testament to the robustness of the Group’s business strategy.
“The FPSO financing space has been very competitive, as many postponed oil & gas developments have resumed post-pandemic and investor appetites have evolved with energy transition agendas. Thus, the success of this deal is remarkable, assuring us that our robust business model and proven capabilities have earned the confidence of our stakeholders,” he said.
Daniel also acknowledged that the Group’s long-standing strong relationships with its relationship banks were instrumental to this success. “We have worked hard to build an environment of trust and honest communication to help our investor community understand our business better and appreciate our resilience. These relationships are highly valued, and the key to the success of our capital-raising initiatives over the years.”
Chief Executive Officer of Offshore Production Flemming Grønnegaard said that the project team’s excellent track record of asset delivery, safety, and operations was crucial in cementing the support of the banks for the Facility.
“This is the second asset that we are delivering for Petrobras. The first asset has been able to meet the project schedule thus far and is on track for first oil in early 2023, despite the significant challenges brought about by the pandemic. On top of that, thanks to the continuing efforts of our projects team and support from our client, financiers, contractors and subcontractors, the construction of FPSO Maria Quitéria is progressing according to schedule,” he said.
FPSO Maria Quitéria is destined for the Jubarte field for the Parque das Baleias Integrated Project, located in the northern part of the Campos Basin (offshore Brazil).
