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Yinson signs US$5.2 billion FPSO contract with Petrobras
Yinson’s second vessel to operate in Brazilian waters is scheduled for commissioning in 2024
Michael Marray 17 Nov 2021

Malaysia's Yinson Holdings Berhad has signed two letters of intent with Brazilian oil major Petrobras for the charter, operations and maintenance of a floating, production, storage and offloading (FPSO) vessel for use in the North Campos Basin. The estimated value of the 22.5-year contracts is US$5.2 billion, with commissioning scheduled for 2024.

Subject to final contract awards, the Integrado Parque das Baleias (IPB FPSO) will be Yinson’s second vessel to operate in Brazilian waters. The first was the FPSO Anna Nery, which is owned 75% by Yinson and 25% by Sumitomo. This contract was awarded to Yinson by Petrobras in October 2019.

The Anna Nery is currently under construction at the Cosco Changxing yard in China, and is being converted from a supertanker built in 2002. It is on track to be operational in 2023 in the Marlim field, located in the northeastern part of the Campos Basin.

The latest LOIs were issued to Yinson Production Pte, an indirect wholly-owned subsidiary of Yinson. Following the LOIs, Yinson Bergenia Production BV, a Netherlands-incorporated indirect subsidiary of Yinson, will enter into a charter contract for the provision of the FPSO, while Brazil-incorporated wholly-owned subsidiary Yinson Bergenia Servicos de Operacao Ltda will enter into a contract for the asset’s operations and maintenance.

Yinson chief executive officer Lim Chern Yuan says the group is well positioned to take on the IPB FPSO project as it has successfully strengthened its resources, capacity, and expertise in Brazil over the past few years.

“Brazil is a region of paramount importance to Yinson and we are committed to giving our very best in order to contribute to the advancement of the country’s energy industry," Lim says. "We are pleased that the efforts we have put into building our presence in Brazil has created synergies that will allow our Brazil-based projects to achieve greater efficiencies, creating greater value for all our stakeholders."

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