Yinson Holdings Berhad - Extension Of Contract For The Charter Of Adoon Floating Production, Storage And Offloading Vessel

abarrelfullabarrelfull wrote on 06 Nov 2015 06:59

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Further to the announcement made on 20 October 2014 in respect of the Extension of Contract for the charter of FPSO Adoon, on behalf of the Board of Directors of YINSON, we would like to announce that Addax Petroleum Development (Nigeria) Limited (“ADDAX”) has further extended its contract for the charter of FPSO Adoon with Adoon Pte Ltd (“ADOON”) by three (3) years with effect from 17 October 2015 to 16 October 2018 (the “2nd Extension Contract”). There are no material changes to the terms of the original contract that will have material adverse effect to YINSON.

The 2nd Extension Contract is valued at approximately USD129 million (equivalent to approximately RM531 million at an exchange rate of USD1:MYR4.12) in total. The 2nd Extension Contract is expected to contribute positively to the revenue and earnings of YINSON Group for the financial year ending 31 January 2016 and the financial periods thereafter for the duration of the 2nd Extension Contract.

FPSO Adoon has been operating on the Antan field in Nigeria throughout the contract period.

The risks associated with the 2nd Extension Contract are normal operational risks which can be mitigated through the Company’s system of project management and internal business controls.

None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, direct or indirect, in the 2nd Extension Contract.

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