Yinson adds RM2.5 billion to Ghana FPSO contract backlog
An agreement with Eni Ghana extends the vessel’s firm contract to 2036 and includes upgrades to its gas processing facilities.
Yinson Holdings Bhd said a contract amendment for its Ghana-based FPSO John Agyekum Kufuor has added about US$600 million (RM2.5 billion) to the group’s firm backlog. Signed on Oct 2 with Eni Ghana Exploration and Production Ltd, the agreement provides for vessel upgrades and a four-year extension.
In its Bursa Malaysia filing, Yinson put the total value of additional day rates arising from the modifications and extension at about US$810 million. The group’s share amounts to about US$600 million, with the firm contract now running to 2036.
The work will expand the floating production, storage and offloading vessel’s capacity to handle and process gas. Yinson Production Pte Ltd said completion is expected in the first quarter of 2028. The project involves building and integrating two topside modules containing gas compression equipment and auxiliary gas treatment facilities.
The vessel belongs to a joint venture controlled by Yinson Production through a 74% stake. A Japanese consortium owns the other 26%, comprising Sumitomo Corp, Kawasaki Kisen Kaisha Ltd, JGC Holdings Corp and Development Bank of Japan Inc.
Eni Ghana awarded the initial charter, operations and maintenance contract in 2015 for the Offshore Cape Three Points block in the Tano Basin, about 60km off Ghana. The FPSO began operating in 2017.
