Malaysia’s Yinson Holdings has been awarded contracts from First Exploration & Petroleum Development Company (First E&P) for the charter, operations and maintenance of a floating production storage and offloading (FPSO) vessel at the Anyala & Madu fields in Nigeria.
The period of the bareboat charter contract and O&M contract is seven years and First E&P is entitled to extend the contract by one extension period of 24 months and up to six further extension periods of 12 months each.
The total value of the contracts is around $902m, assuming the extension options are fully exercised.
The FPSO Allan, which just finished nearly ten years of operations at the Olowi Field in Gabon, will be deployed for the new contract. It will be renamed FPSO Abigail-Joseph and is expected to commence operations at the fields by the fourth quarter.