Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Yinson picks up $2.5bn Ghana job

Yinson picks up $2.5bn Ghana job
Proving the resilience of some of the bigger oil and gas (O&G) players to the current low oil price conditions, Malaysian floating production, storage and offloading (FPSO) player Yinson Holdings said its units have secured a $2.54bn FPSO contract in offshore Ghana.

The company said in a stock market announcement that its chartering and operations subsidiaries respectively, Yinson Production (West Africa) Pte Ltd (YPWA) and Yinson Production West Africa Ltd (YPWAL) had secured a contract for the chartering, operation and maintenance of an FPSO facility from eni Ghana.

The FPSO is to be used at the Offshore Cape Three Points Block, located in the Tano Basin approximately just over 30nm off the coast of Ghana. “The contract is for a firm charter period of 15 years with five yearly extension options exercisable by the client," Yinson said.

"The estimated aggregate value of the contract (excluding reimbursable and cost escalation) during the firm charter period is approximately up to $2.54bn and an estimated total aggregate value of up to $3.26bn if eni Ghana exercises all five yearly extension options," it added.

The company's recently acquired VLCC Yinson Genesis will be converted into an FPSO for the contracts. 

“This contract is a game- hanger for Yinson. This is by far our largest contract to date, brings us into the top tier of FPSO players, and demonstrates the excellent strategic value of our acquisition of Fred. Olsen Production in 2013," said Yinson ceo Lim Chem Yuan.