Yinson inks RM21.8b FPSO charter with Petrobras

by NURUL SUHAIDI / pic credit: yinson.com

YINSON Holdings Bhd stated its contract with Brazil national oil company, Petróleo Brasileiro SA (Petrobras) for the charter of a floating, production, storage and offloading (FPSO) for 22.5 years is valued at US$5.2 billion (RM21.79 billion).

The contract was clinched by Yinson through its wholly owned subsidiaries, Yinson Production Pte Ltd, Yinson Bergenia Production BV and Yinson Bergenia Serviços de Operação Ltda late last year.

Under the contract terms, Yinson will undertake the charter, operations and maintenance of FPSO Maria Quitéria, formerly known as FPSO Integrado Parque das Baleias in the North Campos Basin, offshore Brazil.

In line with the group’s plans to expand its presence in Brazil, FPSO Maria Quitéria is Yinson’s second project award with Petrobras and the third project award in Brazil.

Yinson Group CEO, Lim Chern Yuan, in a release yesterday, stated Brazil is a vital market to the group and is thrilled that Petrobras, one of the most recognisable leaders in the

energy sector, has entrusted the group once more with the delivery of FPSO Maria Quitéria.

Yinson CEO of Offshore Production, Flemming Grønnegaard, stated the experience that Yinson has gained through the FPSO Anna Nery project, which was awarded by Petrobras in 2019, has proven invaluable and he is confident this will serve as the backbone for the successful delivery of FPSO Maria Quitéria.

He added this project will also strengthen Yinson and Petrobras’ mission to address global climate challenges.

“We look forward to implementing low-emission concepts that were a key factor in the design scope of the FPSO Maria Quitéria, as well as realising Yinson’s zero-emission FPSO concept, which is an important component of Yinson’s Climate Goals Roadmap, “ Grønnegaard added.

Yinson shares fell eight sen to RM5.67 at close yesterday on the news of the size of the contract award.