Yinson secures FPSO contracts in Nigeria

Malaysia’s Yinson Holdings has been awarded contracts for the charter, operations, and maintenance of a floating production storage and offloading (FPSO) vessel by First Exploration and Petroleum Development (First E&P) for use at the Anyala and Madu offshore oil fields in Nigeria.

The contracts were entered into via wholly owned subsidiary Yinson Nepeta Production (YNPL) and indirect subsidiary Yinson Operations and Production West Africa (YOPWAL). YNPL is the FPSO chartering company while YOPWAL is the company engaged in the operations and maintenance of the FPSO.

The estimated aggregate value of the contract is US$901 million.

The FPSO contracts are for a firm period of seven years followed by a two-year and six yearly extension options exercisable by First E&P.

The FPSO is expected to commence operations at the fields by the fourth quarter of 2019.