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Yinson keeping focus on Africa, Asean markets

Yinson keeping focus on Africa, Asean markets
Budding Malaysian FPSO company Yinson Holdings will continue its focus on the African and Asean regions as they offer good prospects but also wants to be more actively involved in the Gulf of Mexico, local reports quoted group executive chairman and managing director Lim Han Weng as saying.

He added that another region that the company would possibly look at in the near future would be South America. Lim said there were still largely untapped oil and gas fields in the three regions, adding that the O&G exploration activities would be more rigorous in search of new energy supplies in the coming years.

“It augurs well for us and companies that provide FPSO units for the petroleum companies for their O&G exploration activities,’’ he said.

Yinson will also dispose of its entire 50% stake in its wholly-owned subsidiary Nautipa AS for MYR187.4m ($57m) after shareholders' approval at the company's EGM and will net a profit of MYR78.1m from the sale. Proceeds will be used to reduce bank borrowings within six months and working capital within 24 months.

Lim expected the FPSO market to continue growing over the next five years at an average of between 10 and 12 new orders annually ranging from small, mid-sized to huge units.

"The Gulf of Mexico is expected to see more oil and gas activities in the coming years, and we are very interested in it," group ceo Lim Chern Yuan said.

Yinson also has an established presence in the oil and gas services industry in West Africa and Asia having opened offices in Nigeria, Gabon and Vietnam, and plans to open more offices in Africa, he added. "One of the reasons behind the acquisition of Fred Olsen Production ASA last year was to strengthen our presence in West Africa besides our operations in Asia," he said.