Yinson FPSO contract terminated

Malaysia’s Yinson Holdings has announced that it has received a termination notice for the floating production storage and offloading (FPSO) facility contract for its FPSO Knock Allen from CNR International on the ground of convenience.

The contract between Yinson and CNR International was for a fixed primary term of 10 years, commencing from May 1, 2009 and expiring on April 30, 2019. The FPSO has been operating in the Olowi field, offshore Gabon.

The termination is expected to take effect on Jan 31, 2019, at which time CNR is expected to pay an early termination fee.

Yinson believes the termination of the contract is not expected to have material adverse effect on the company’s earnings for the financial year ending Jan 31, 2019.

Yinson Holdings currently owns two FPSOs and four OSVs.

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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