PETALING JAYA: Yinson Holdings Bhd’s indirect wholly owned subsidiary Yinson Production Pte Ltd has been awarded two letters of intent (LOI) amounting to US$5.2 billion (RM21.6 billion) by Petróleo Brasileiro S.A. (Petrobras) for the charter, operations and maintenance of Integrado Parque das Baleias (IPB FPSO), a floating, production, storage and offloading (FPSO) vessel in the North Campos Basin, offshore Brazil.
Following the LOIs, Yinson Bergenia Production BV, a Netherlands-incorporated indirect subsidiary of Yinson will enter into a charter contract for the provision of the FPSO, while Brazil-incorporated wholly owned subsidiary Yinson Bergenia Serviços de Operação Ltda will enter into a contract for the asset’s operations and maintenance.
IPB FPSO will be Yinson’s second vessel to operate in Brazil waters, with the first being FPSO Anna Nery, which was awarded to Yinson by Petrobras in Oct 2019. FPSO Anna Nery is currently under construction in Cosco Changxing, China, and is on track to be operational in 2023 in the Marlim field, located in Northeastern part of the Campos Basin.
Yinson group CEO Lim Chern Yuan said the group is well-positioned to take on the IPB FPSO project, as it had strengthened its resources, capacity and expertise in Brazil over the past few years.
“Brazil is a region of paramount importance to Yinson and we are committed to giving our best to contribute to the advancement of the country’s energy industry. The efforts we have put into building our presence in Brazil have created synergies that will allow our Brazil-based projects to achieve greater efficiencies, creating greater value for all our stakeholders,” Lim said.
Yinson Production Offshore CEO Flemming Grønnegaard said the company had gained valuable skills and experience through its existing activities in Brazil while it had adapted and innovated to overcome the many challenges brought about by the pandemic and uncertain global economic situation to deliver a world-classed FPSO project.
“Yinson and Petrobras have jointly committed to implementing a low emission design into IPB FPSO towards mitigating the world’s climate change issues. Together, we are excited to pioneer some sustainable design concepts that will pave the way for the industry to significantly reduce its environmental impact,“ he said.
