Sumitomo acquires stake in Yinson FPSO subsidiary

Japan’s Sumitomo Corporation has entered into an agreement with Malaysia’s Yinson Holdings to acquire a 25% stake in a Yinson subsidiary that operates an FSPO vessel in Brazil.

Under the agreement, Sumitomo’s wholly-owned unit, Japan Offshore Facility Investment (JOFI) will acquire a 25% stake of Yinson Boronia Consortium, which entered into a time charter and service contract with Petrobras last month for the provision of the Marlim 2 FPSO. The price of the deal is $3.34m.

Yinson said the deal will allow Yinson and Sumitomo to establish a collaboration based on their respective experience and strengths – particularly as the Marlim 2 FSPO is Yinson’s largest project to date and its first vessel to operate in Brazilian waters.

“Sumitomo’s participation through JOFI will alleviate some of the funding requirements and project-related risks in exchange for the project returns that would otherwise be required of Yinson if the project were to be wholly-owned by Yinson,” Yinson said in a release.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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