eni Ghana awards FPSO contract to Yinson Holdings Berhad

Yinson Holdings Berhad has announced that the consortium of Yinson Production (West Africa) Pte Ltd and Yinson Production West Africa Limited have been awarded a contract for the chartering, operation and maintenance of a FPSO facility by eni Ghana exploration & production ltd. at the Offshore Cape Three Points Block, located in the Tano Basin approximately 60 km off the coast of Ghana.

Pursuant to the contract, YPWA is the FPSO chartering company while YPWAL is the company engaged in the operation and maintenance of the FPSO.

The company is also pleased to announce that the signing of the contract took place on 27 January 2015 and the effective date of the contract is 27 January 2015.

Details of the contract

The contract is for a firm charter period of 15 years with 5 yearly extension options exercisable by the client. The estimated aggregate value of the contract (excluding reimbursable and cost escalation) during the firm charter period is approximately up to US$2.539 billion (equivalent to approximately RM9.158 billion) and an estimated total aggregate value of up to US$3.256 billion (equivalent to approximately RM11.744 billion) if eni Ghana exercises all 5 yearly extension options.

The FPSO is expected to commence operations in the OCTP block in 2017.

Adapted from press release by Cecilia Rehn

Published on 28/01/2015

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