KUALA LUMPUR (Aug 7): Yinson Holdings Bhd's offshore production business unit Yinson Production has secured a US$230 million (RM1.05 billion) term loan facility in relation to FPSO Maria Quitéria.

In a statement on Monday (Aug 7), Yinson Production said the loan facility was structured and arranged by Global Infrastructure Partners (GIP), an independent infrastructure fund manager with approximately US$100 billion in assets under management.

The company said this loan facility marks the first transaction between Yinson Production and GIP, and is GIP’s first financing of a floating, production, storage, and offloading (FPSO) vessel.

It said the transaction demonstrates the attractiveness and robust investment outlook of the FPSO industry within the global energy infrastructure market, as well as Yinson Production as an independent owner and operator of FPSOs worldwide.

Yinson Production was awarded the supply, operation, and maintenance of FPSO Maria Quitéria by Petróleo Brasileiro SA in February 2022.

The FPSO is for the Jubarte field as part of the Parque das Baleias Integrated Project offshore Brazil.

Yinson Production said the construction of the FPSO is nearing 70% completion as of June 2023, which is in line with the project schedule, and the FPSO is on track to achieve first oil in the second half of 2024.

Yinson Production chief financial officer Markus Wenker said this transaction showcases the company’s strength in attracting sophisticated capital and its ability to broaden its funding base beyond Asia.

“We are excited to continue building upon this partnership and further growing our network of lenders and investors globally to pivot to new opportunities in the FPSO market and create value for our shareholders,” he said.

At the time of writing, Yinson added 0.39% or one sen to RM2.56 with 15,300 shares traded.