Yinson gets contract extension for Agogo FPSO project in Angola

KUALA LUMPUR (Jan 25): Yinson Holdings Bhd said the contract for the operation of a floating, production and storage and offloading (FPSO) asset for the Agogo Integrated West Hub development project in Angola has been extended up to Feb 20.

The group's indirect wholly-owned unit Yinson Azalea Production Pte Ltd (YAPPL) has inked an agreement with Eni Angola SpA for the extension, Yinson said in a bourse filing.

The initial 60-day agreement, with an aggregate value of US$218 million (RM956 million), was signed on Dec 2, 2022 to commence preliminary works.

Save for the extension of the tenure, the terms under the extension and the value of the contract remain unchanged, said Yinson.

Eni is the largest independent equity producer of oil and gas in Angola. It is owned by Azule Energy, a 50:50 joint venture between BP plc and Eni SpA.

Yinson's shares closed at RM2.70 on Wednesday (Jan 25), up six sen or 2.27%, giving the oil and gas services provider a market capitalisation of RM8.24 billion.