OTHERS YINSON HOLDINGS BERHAD ("YHB", "YINSON" OR "COMPANY") BAREBOAT CHARTER CONTRACT FOR PROVISION AND CHARTERING OF THE FPSO PTSC LAM SON - EXTENSION OF CONTRACT

Company Name YINSON HOLDINGS BERHAD
Stock Name YINSON
Date Announced 01 Jul 2022
Category General Announcement for PLC
Reference Number GA1-01072022-00038

Type Announcement
Subject OTHERS
Description
YINSON HOLDINGS BERHAD ("YHB", "YINSON" OR "COMPANY")
BAREBOAT CHARTER CONTRACT FOR PROVISION AND CHARTERING OF THE FPSO PTSC LAM SON
- EXTENSION OF CONTRACT

(Unless otherwise stated, the exchange rate for the purpose of this announcement is USD1 : RM4.4080, as per the middle rate for 30 June 2022 published by Bank Negara Malaysia)

 

Reference is made to the announcements of the Company dated 3 April 2017, 3 July 2017, 21 December 2017, 3 January 2018, 27 March 2018, 29 March 2018, 31 December 2018, 24 June 2019, 31 July 2019, 30 September 2019, 31 October 2019, 29 November 2019, 2 January 2020, 16 January 2020, 16 March 2020 and 1 July 2021, collectively known as “Earlier Announcements”. Unless otherwise defined herein, all expressions used in this announcement shall carry the same meanings as defined in the Earlier Announcements.

 

On 30 June 2022, PTSC AP entered into an addendum no. 02 to the BBC Charter Contract with PTSC to extend the tenure of the BBC Charter Contract for a further period of twelve (12) months from 1 July 2022 to 30 June 2023 (“Second Addendum”).

 

Save for the extension of the tenure, the terms under the BBC Charter Contract remain unchanged.

 

The value of the Second Addendum is estimated to be USD18.1 million (equivalent to approximately RM79.8 million).

 

The Second Addendum will not have any effect on the share capital and shareholding structure of the Company. However, it is expected to have positive impact on the earnings and net assets per share of Yinson Group.

 

The risks associated with the Second Addendum are normal operational risks which can be mitigated through Yinson Group’s system of project management and internal business controls.

 

None of the Directors and/or major shareholders of the Company or persons connected to them have any interest, direct or indirect, in the Second Addendum.

 

This announcement is dated 1 July 2022.






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