Yinson, K Line to partner on Brazil FPSO charter

The VLCC Falcon, currently undergoing conversion to become the FPSO vessel Anna Nery (Photo: Yinson)

Malaysia’s Yinson Holdings, via wholly owned subsidiary Yinson Acadia, and Kawasaki Kisen Kaisha (K Line) have entered into an agreement to own an approximately 10 per cent stake in a joint participation for the charter, operations, and maintenance of the floating production storage and offloading vessel (FPSO) Anna Nery in Brazil.

Completion of the transaction is subject to final acceptance of the FPSO as well as the FPSO achieving stable operations, which is expected in 2023.

In line with the overall financing strategy for the project, the agreement makes K Line the second strategic partner following Sumitomo Corporation’s participation in the project with a 25 per cent stake.

The estimated aggregate value of the FPSO Anna Nery project is US$5.4 billion, with a contract period of 25 years from the date of the final acceptance and with no options for extension thereafter.

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