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Yinson in $66m FPSO deal with Premuda

Yinson in $66m FPSO deal with Premuda
Yinson Holdings continues on its expansion path, with a proposed joint venture acquisition of a FPSO vessel with the Portuguese unit of Italian tanker firm Premuda.

The deal will see Yinson paying EUR60m ($65.7m) for the 1992-built FPSO Four Rainbow with a cobination of EUR20.4m in cash, EUR19.6 euros in shares in the joint venture company and 20m euros in convertible notes which give Yinson the option to take over full control of the company at a later date.

"The proposed joint venture is in line with the fleet expansion plan of the company, in the ordinary course of its business," Yinson said, adding that the FPSO is a potential candidate for a number of small oilfield developments in both West Africa and Southeast Asia.

Yinson will fund the deal with internally generated funds and/or borrowings, and expects completion in the third quarter of 2015.