Proposed FPSO Joint venture between FVSN and Yinson

abarrelfullabarrelfull wrote on 03 Aug 2015 07:49

Premuda announces that the indirectly controlled company Four Vanguard Serviços E Navegaçao LDA (“FVSN”) had on 30 July 2015 entered into a Joint Venture Deed (“JVD”) with Yinson Heather Ltd (“YHL”), an indirect wholly owned subsidiary of Yinson Holdings Berhad, a public limited liability company, incorporated and domiciled in Malaysia, listed on the Main Board of Bursa Malaysia Securities, to establish a joint venture company which will acquire the FPSO unit Four Rainbow, presently owned by FVSN.

The effectiveness of the agreement is subject to the fulfilment of certain conditions precedent. Once the agreement is effective, full disclosure of the main terms of the transaction will be released.

The joint venture company will be incorporated as a limited liability company under the relevant laws of Singapore and its principal activities will be leasing of FPSO unit and ship management services.

The proposed joint venture is in line with the industrial and financial plans of Premuda, and strengthens the FPSO investment prospects through this alliance with Yinson group, a world major FPSO player. Premuda entered the FPSO industry in 2001 adding the provision of upstream and terminal services to the oil industry to its core business of providing maritime transport services through its fleet of tanker and dry bulk vessels.

The Proposed joint venture will market the FPSO Four Rainbow as a potential candidate for a number of small oilfield developments mainly in West Africa or South East Asia.

Subject to the fulfilment or waiver of the Conditions Precedent, FVSN shall grant YHL a call option to acquire from FVSN the entire FVSN’s interest in the JVD; YHL shall grant FVSN a put option to dispose to YHL the entire FVSN’s interest in the JVD.

Barring any unforeseen circumstances, the Proposed Joint Venture is expected to be completed in the third quarter of 2015.

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