CEO Morning Brief

Yinson Completes Nigeria Project

Publish date: Fri, 13 Jan 2023, 08:52 AM
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TheEdge CEO Morning Brief
Yinson completes Nigeria project

KUALA LUMPUR (Jan 12): Yinson Holdings Bhd’s unit Yinson Production has completed the 16-year contract for FPSO Adoon, which has been operating at Block OML 123 offshore Nigeria.

Yinson in a statement on Thursday (Jan 12) said the contract had an original period of eight years until 2014, with the option to extend by up to eight more years until 2022.

The contract was further extended by the client, Addax Petroleum Development (Nigeria) Ltd, through consecutive monthly extensions until January 2023.

Addax exercised its contractual option to purchase FPSO Adoon at the end of the contract period, and the sale was completed on Jan 11, 2023.

FPSO Adoon was constructed by Yinson Production’s predecessor company, Fred Olsen Production ASA, for Addax, and commenced operations in October 2006.

Since the commencement, the asset has reportedly provided safe and reliable operations to the client, with an average technical uptime above 99.9% and no lost time injuries for the last 11 years. FPSO Adoon has produced over 212 million barrels of oil, and clocked more than six million offshore man-hours over its contract tenure.

Yinson chief executive officer of offshore production Flemming Grønnegaard said: “It fills us with pride to know that FPSO Adoon has been able to contribute significantly to Nigeria’s energy landscape for the past 16 years, positively impacting the local economy and well-being of the community. This has been made possible by our passionate team at Port Harcourt, with unwavering support from our client Addax, the regulatory bodies in Nigeria, and the local community and supply chain.”

Source: TheEdge - 13 Jan 2023

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