Yinson has said that it had received a contract extension for its charter of the FPSO Adoon between Addax Petroleum Development of Nigeria and Adoon Pte. Ltd., an indirect wholly-owned subsidiary of the Company.
The project which it first announced back in 2014 and subsequently throughout the years until 2022, has recently entered into an agreement further extend the contract till January 2023. Yinson informs the value of the contract extension is estimated to be USD3.4 million (equivalent to approximately RM15.03 million).
The extension is said to not have any effect on the share capital and shareholding structure of the Company. However, it is expected to have a positive impact on the earnings and net assets per share of Yinson Group.
