PETALING JAYA: Yinson Holdings Bhd, via its Ghanaian joint venture, has been issued a letter of intent (LOI) from Aker Energy Ghana Limited to provide a floating, production, storage and offloading (FPSO) vessel for the Pecan development project in the Deepwater Tano/Cape Three Points block.
Aker Energy is an oil and gas exploration and production company that operates as an offshore oil and gas operator in Ghana.
In a media release, the group said the LOI had been given to Yinson Production West Africa Limited, Yinson Gazania Production Ltd (YGPL) and Yinson Gazania Operations Limited (YGOL), and will involve a bareboat charter party agreement as well as an operation and maintenance agreement respectively.
The LOI had been accepted by Yinson West Africa, YGPL and YGOL on Feb 20, 2020. The contracts will be for a firm period of 10 years followed by five one-year extension options exercisable by Aker Energy.
Yinson’s group CEO Lim Chern Yuan said the award is evidence of the industry’s increasing confidence in Yinson’s abilities to deliver projects on time, and thereafter to maintain excellent uptime and safety records.
“This is Yinson’s second large project award in the last 6 months, and we are gearing up for even greater growth ahead. In line with this, we have been building our resources, capacity and expertise; putting us in a strong position to meet our commitments to the projects that we have undertaken,” he said.
This FPSO will be Yinson’s second vessel to operate in Ghanaian waters, with the first being FPSO John Agyekum Kufuor which has been operating for ENI in the Offshore Cape Three Points Block since 2017.
Yinson shares were suspended from trading between 9am and 10am this morning.
At 10.48am, the group’s shares were 5 sen or 0.69% down at RM7.19 with a turnover of 779,100 shares.
