Kuala Lumpur: Yinson Production, a subsidiary of Yinson Holdings, has received an offer letter from BW Offshore over the eventual 100% ownership of the FPSO Petroleo Nautipa and its owner, Tinworth. Yinson Production is the rebranded name for Fred Olsen Production, a company Yinson took over last year.
Tinworth is a 50-50 joint venture held between Nautipa, a wholly-owned subsidiary of Yinson Production and Prosafe Nautipa, a direct subsidiary of Prosafe Production Public Limited which is ultimately held by BW Offshore. It is proposed that the sale and purchase be in respect of 100% equity interest in PNAS or 100% equity of NAS, as the case may be. A decision is likely to be made in the next 10 days. [09/08/14]