Yinson: Signing Of Contracts For Chartering Operation And Maintenance Of A Floating Production Storage And Offloading Vessel (“F

abarrelfullabarrelfull wrote on 05 Feb 2015 09:58
Tags: africa eni ghana services yinson

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Yinson Holdings Berhad (“Yinson” or the “Company”) is pleased to announce that the consortium of Yinson Production (West Africa) Pte Ltd (“YPWA”) and Yinson Production West Africa Limited (“YPWAL”) (collectively “the Contractor”) have been awarded a contract for the chartering, operation and maintenance of a FPSO facility (“the Contract”) by eni Ghana exploration & production ltd. (“eni Ghana”) at the Offshore Cape Three Points Block (“OCTP”), located in the Tano Basin approximately 60 km off the coast of Ghana.

Pursuant to the Contract, YPWA is the FPSO chartering company while YPWAL is the company engaged in the operation and maintenance of the FPSO.

The Company is also pleased to announce that the signing of the Contract took place on 27th January 2015 and the effective date of the Contract is 27th January 2015.

Details of the Contract

The Contract is for a firm charter period of 15 years with 5 yearly extension options exercisable by the client. The estimated aggregate value of the Contract (excluding reimbursable and cost escalation) during the firm charter period is approximately up to USD2.539 billion (equivalent to approximately RM9.158 billion at an exchange rate of USD1:MYR3.607) and an estimated total aggregate value of up to USD3.256 billion (equivalent to approximately RM11.744 billion at an exchange rate of USD1:MYR3.607) if eni Ghana exercises all 5 yearly extension options.

The FPSO is expected to commence operations in the OCTP block in 2017.

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