Yinson Holdings sells 26% stake in Ghana FPSO to Japanese consortium

Malaysia’s Yinson Holdings has entered into a heads of agreement with a consortium of Japanese companies for the disposal of a 26% stake in its FPSO unit in Ghana.

The members of the consortium comprise of Sumitomo Corporation, “K” Line, JGC Corporation, and Development Bank of Japan.

The value of the deal is expected to be in the range of $104m to $117m, subject to adjustments and contract.

Yinson said the agreement was entered with understanding between Yinson and the consortium in forming a collaboration in relation to the FPSO John Agyekum Kufuor charter contract at Offshore Cape Three Point Block in Ghana. The FPSO produced its first oil on May 22.

Meanwhile, Yinson announced that PTSC AP, a joint venture between Yinson and PetroVietnam Technical Services Corporation (PTSC), has received a letter of intent from PTSC to continue the deployment of the FPSO PTSC Lam Son for the petroleum operations within the Lam Son field.

The FPSO contract was terminated in April as LSJOC, the previous owner of the oilfield, was liquidated.

The petroleum operations within the field will be taken over by PetroVietnam Exploration Production Corporation (PVEP). PTSC AP together with PTSC will commence discussion with PVEP for a new charter contract of the FPSO.

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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