AmericasAsiaFinance and InsuranceOffshore

Yinson secures $720m deal to finance Petrobras FPSO project

Malaysian FPSO operator Yinson has secured a $720m syndicated loan facility (“Facility”) for a floating production, storage and offloading (FPSO) Maria Quitéria project in Brazil.

The six-year limited recourse loan will be used to support the ongoing construction of the FPSO, which was awarded by Petrobras in November 2021.

The group’s Netherlands-based subsidiary, Yinson Bergenia Production, signed the loan deal with ING Bank, Singapore Branch, Maybank Group, Natixis Corporate & Investment Banking, Standard Chartered Bank (Singapore) and United Overseas Bank as mandated lead arrangers, underwriters and bookrunners.

The agreement was also inked by Hongkong and Shanghai Banking Corporation Limited and J.P. Morgan, which are participating as mandated lead arrangers.

Yinson chief strategy officer Daniel Bong said that the deal was a testament to the robustness of the group’s business strategy.

“The FPSO financing space has been very competitive, as many postponed oil & gas developments have resumed post pandemic and investor appetites have evolved with energy transition agendas. Thus, the success of this deal is remarkable, assuring us that our robust business model and proven capabilities have earned the confidence of our stakeholders,” he said.

Yinson CEO of offshore production Flemming Grønnegaard, added: “This is the second asset that we are delivering for Petrobras. The first asset has been able to meet the project schedule thus far and is on track for first oil in early 2023, despite the significant challenges brought about by the pandemic. On top of that, thanks to the continuing efforts of our projects team and support from our client, financiers, contractors and subcontractors, the construction of FPSO Maria Quitéria is progressing according to schedule.”

FPSO Maria Quitéria is destined for the Jubarte field for the Parque das Baleias Integrated Project, located in the northern part of the Campos Basin offshore Brazil.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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