Yinson,Sumitomo to jointly pursue business in FPSO and FSO

PETALING JAYA: Yinson Holdings Bhd is collaborating with Sumitomo Corp to jointly venture into the business of leasing and operation of floating production storage and offloading (FPSO) and floating storage and offloading (FSO) projects worldwide.
Yinson said in a bourse filing that it had entered into a memorandum of understanding (MoU) with Sumitomo, which will be valid for a period of 10 years.
“The MoU will provide an opportunity for Yinson and Sumitomo to establish collaboration based on respective party’s expertise and strengths, for venturing into the targeted business. The new collaboration will potentially enhance the capacity of Yinson to take on larger FPSO and FSO projects and provide access to Sumitomo’s global business network and local expertise,” it said.
Yinson said the collaboration, should it materialise, will contribute positively to the future earnings and net assets of the group.
Sumitomo is a Japanese listed company offering key services in the metal, construction, transportation, infrastructure, chemicals, energy, mineral resources, media, ICT, lifestyle related goods and services sectors.
At midday, Yinson’s shares fell 1.47% to RM4.02 with some 80,300 shares done.