Italy’s Premuda has announced that its indirectly controlled company Four Vanguard Serviços E Navegaçao LDA has entered into a jv with Yinson Heather Ltd, an indirect wholly owned subsidiary of Malaysia-based Yinson Holdings Berhad, to establish a joint venture company which will acquire the FPSO unit Four Rainbow presently owned by Premuda.
The agreement is subject to the fulfilment of certain conditions, but the proposed jv is expected to be completed in the third quarter of 2015. The new company, to be based in Singapore, will market Four Rainbow as a potential candidate for a number of small oilfield developments mainly in West Africa or South East Asia.
The proposed jv is in line with the restructuring plans of Premuda, and strengthens its FPSO investment prospects through the alliance with Yinson group, a world major FPSO player. Premuda entered the FPSO industry in 2001, adding the provision of upstream and terminal services to the oil industry to its core business of providing maritime transport services through its fleet of tanker and dry bulk vessels.
Four Vanguard Serviços E Navegaçao (Premuda) shall also grant Yinson Heather Ltd a call option to acquire the entire interest in the jv; simultaneously YHL shall grant FVSN a put option to dispose to YHL the entire interest in the joint venture.