The company is actively bidding for new projects in its core markets after buying Fred Olsen's FPSO business earlier this year, UOB Kay Hian Malaysia Research was quoted as saying.
The research house hosted top Yinson executives in Europe recently and gleaned some insight into its future plans. “The market expects $91bn in global FPSO capex and about 50 potential awards in the next three years, underpinned by stable oil prices and the availability of financing.
“With a limited number of FPSO contractors in active bidding, Yinson is in a sweet spot within the mid-sized FPSO market ($250m to $750m capex) as most of its competitors are targeting the high complexity, high-capex projects (more than $750m capex),” it said.
UOB Kay Hian Malaysia Research also said Yinson is bidding for a large project in Africa and a few medium-sized projects in Vietnam, Indonesia and Malaysia, with the outcome for the larger projects expected by the second half of the year.“While management has guided it has sufficient capacity to handle two projects simultaneously, the research house did not discount the possibility of another equity fund-raising exercise next year if the company secures more than two new FPSO contracts.
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