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.
