Yinson gets further one-month extension of contract for Adoon FPSO

KUALA LUMPUR (Oct 20): Yinson Holdings Bhd has received another one-month interim extension of contract, worth RM16.04 million, for charter of its Adoon floating storage and offloading vessel (FPSO).

The oil and gas service provider said its indirect unit Adoon Pte Ltd and Addax Petroleum Development (Nigeria) Ltd have agreed to extend the contract from Oct 17 to Nov 16. Addax is a subsidiary of China Petroleum & Chemical Corporation (Sinopec).

Save for the extension of tenure, the terms under the contract extension remain unchanged, Yinson said in a bourse filing.

The Adoon FPSO is stationed at the Antan field, off Nigeria.

Yinson posted a net profit of RM263 million for the six-month period ended July 31, higher than the RM238 million in the previous corresponding period. Six-month revenue also rose to RM2.625 billion, from RM2.05 billion.

Yinson shares have declined 17.11% year-to-date. On Thursday (Oct 20), its shares rose 1.87% to RM2.18, valuing the group at RM6.65 billion.