Yinson Executes Contracts with Enauta for Provision of FPSO

Source: www.gulfoilandgas.com 2/22/2022, Location: South America

We refer to our announcements dated 27 August 2021 and 20 December 2021 (“Earlier Announcements”). Unless defined otherwise, terms and expressions used in this announcement shall have the same meaning ascribed to them in the Earlier Announcements.

The Board of Directors of Yinson is pleased to announce that on 21 February 2022, Yinson Production Offshore Pte Ltd, Yinson Production EPC Pte Ltd, Yinson Bouvardia Holdings Pte Ltd and Yinson Bouvardia Serviços de Operação Ltda, each an indirect wholly owned subsidiary of Yinson, have entered into the Contracts with Enauta.

The signing of the Contracts is pursuant to the binding Letter of Intent signed on 17 December 2021. The engineering, procurement, construction and installation of the FPSO is expected to be completed by first half of year 2024. This will be followed by the commencement of either a 2-years operation and maintenance services contracts or a 15-year time charter agreement (“Time Charter Agreement”) and an operation and maintenance agreement of the same duration should Yinson exercise the call option under the Contracts. The call option is exercisable at Yinson’s discretion which will further increase the contract value up to USD1.98 billion or equivalent of RM8.29 billion (inclusive of an optional 5 years extension period). If Yinson chooses to exercise the call option, the acquisition of the asset-owning company with the execution of Time Charter Agreement will be concluded prior to the completion of the FPSO.

The salient terms, financial effects and risks pertaining to the Contracts are as set out in the Earlier Announcements.


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