Lim Han Weng was quoted as saying that with Africa accounting for 24.3% of the total number of units globally, the O&G exploration and production activities in that region would create demand for the usage of the floating, production, storage and off-loading (FPSO) units there.
At the extraordinary general meeting, shareholders approved the take over of Fred Olsen Production ASA (FOP) for MYR551.34m, which is now set to be completed by end of next month, as well as a share placement Mokhzani Mahathir private investment vehicle Kencana Capital.
Executive director Lim Chern Yuan said the FOP deal would place Yinson in a better position to compete globally in the FPSO market, making it one of the top six FPSO players in the world. FOP's network will give Yinson access to more business in Africa, South America and Asia, he added.
The order book would swell to MYR8bn post-acquisition and keep the company busy until 2019.
“We would continue to bid for more jobs in the FPSO and FPO segments and would only go for quality tenders instead of simply bidding to add to our order book,” he reiterated.
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