Malaysian floater operator Yinson has exercised an option to acquire FPSO Atlanta from oil and gas player Enauta.
Enauta said that Yinson acquired the floater through the purchase of all the shares of AFPS BV, the platform owner company.
“The exercise of the option is an important milestone in de-risking the full development of the Atlanta field, confirming the near completion stage of FPSO Atlanta, in-line with its schedule and budget,” the company explained.
The option exercise implies a reduction in Enauta’s net investment in the platform through the completion of around $100m.
Yinson’s acquisition of the floater reflects a value of $465m for AFPS BV, of which $86m are paid in cash and EPCI deferred payments and $379m in 15-year financing granted to Yinson.
The option exercise also initiates the 15-years charter, operation, and maintenance agreements, with a possible five-year extension. This contract reflects a total value of $2bn for 20 years counted from the platform’s production start.
Atlanta’s field Phase 1 production is expected to start in mid-2024 with six production wells. The FPSO can process 50,000 barrels of oil per day, 140,000 barrels of water per day, 20 MW of power generation, and 1.6 million barrels of oil in inventory capacity. The field is in the deep waters of the Santos Basin and Enauta is the 100% owner and operator.
In February last year, Enauta completed the purchase of the FPSO OSX-2 that will be turned into the Atlanta by Drydocks World following upgrading, refurbishing, and conversion work. Delivery from the UAE yard is scheduled for the third quarter of 2023.
