Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 16): Yinson Holdings Bhd shares rose 6.73% at mid-morning today after the firm said it has secured contracts worth US$5.4 billion from Petróleo Brasileiro SA (Petrobras).

At 10.03am, Yinson rose 46 sen to RM7.30, valuing it at RM7.99 billion.

In a filing to Bursa Malaysia today, Yinson said it was awarded two letters of intent (LoIs) by Petrobras for the charter, operations and maintenance of FPSO Marlim 2, a floating, production, storage and offloading (FPSO) vessel for the Marlim revitalization project in Brazil.

It said the LoIs were issued to Yinson Production Pte Ltd (YPPL), an indirect wholly-owned subsidiary of Yinson.

Yinson said following the LoIs, the charter contract will be entered into by Yinson's Netherlands-incorporated indirect subsidiary Yinson Boronia Production BV (YBP), while the operation and maintenance contract will be entered into by YBP's Brazil-incorporated subsidiary Yinson Boronia Serviços de Operação Ltda.

Yinson said the contract period is for 25 years, starting from the date of final acceptance.

FPSO Marlim 2 will be Yinson's first vessel to operate in Brazil waters, and is one of several bids in the region that the group has entered into.

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