KUALA LUMPUR: Yinson Holdings Bhd plans to takeover Norwegian offshore floating production petroleum company, Fred Olsen Production ASA (FOP), for RM551.34 million.

Yinson will acquire all the ordinary shares of FOP at RM5.20 per share. FOP has a capital spread of 105.93 million shares in total.

FOP is a public listed company in Norway which owns and operates three floating production-, storage- and offloading (FPSO) vessels in the international oil and gas market.

"The proposed acquisition is in line with (the) company's plan to expand its marine-based business to different countries with continued focus on the oil and gas industry," Yinson said in a stock exchange filing today.