Yinson gets another contract extension worth RM15.03 mil for Adoon FPSO

KUALA LUMPUR (Dec 19): Yinson Holdings Bhd has secured another contract extension worth RM15.03 million, for charter of its Adoon floating production storage and offloading (FPSO), which is stationed at the Antan field off Nigeria.

In a Bursa Malaysia filing, Yinson said its indirect unit, Adoon Pte Ltd, and Addax Petroleum Development (Nigeria) Ltd entered into an agreement on Dec 16 to further extend the contract for a period of up to Jan 16, 2023.

Addax is a subsidiary of China Petroleum & Chemical Corp (Sinopec).

Save for the extension of the tenure, the terms under the contract extension remain unchanged, said the oil and gas service provider.

In addition, the contract extension is expected to impact Yinson's earnings and net assets per share positively.

In October, Yinson announced that it had received a contract extension for the Adoon FPSO for RM16.04 million. The contract was extended from Oct 17 to Nov 16.

Yinson's share price traded down by 2% to RM2.45 as of the time of writing on Monday (Dec 19), giving it a market capitalisation of RM7.48 billion.