Yinson gets 4-year FPSO charter contract extension worth RM574m

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KUALA LUMPUR (June 18): Yinson Holdings Bhd has secured a four-year extension of its floating production storage and offloading (FPSO) charter contract worth US$137.5 million (RM574.1 million).

In a filing with Bursa Malaysia, Yinson said its indirect wholly-owned subsidiary Adoon Pte Ltd has entered into an addendum with Addax Petroleum Development (Nigeria) Ltd to further extend the contract for the charter of FPSO Adoon with retrospective effect from Oct 17, 2018 to Oct 16, 2022.

The original contract for the FPSO Adoon was awarded on Oct 17, 2006, for a period of eight years, with an option to renew for up to eight years.

The contract expired on Oct 16, 2014 and was first extended for a year to Oct 16, 2015 and thereafter, for another three years to Oct 16, 2018.

Yinson’s share price fell one sen or 0.19% to RM5.15 today, giving it a market capitalisation of RM5.56 billion.

Year-to-date, the counter has appreciated by 23.5%.