Malaysian FPSO operator has received a letter of award from JX Nippon to provide operation and maintenance services for an FPSO due to commence operations at the Layang field offshore Malaysia by the fourth quarter of 2019.
The estimated value of the operation and maintenance contract, assuming the extension options are fully exercised, is about $578m.
The contract follows Yinson being awarded the EPCIC contract for the Layang FPSO facilities last year. The charter contract is for a firm period of eight years and comes with options for 10 extension periods of one year each.
Yinson took over the contract to build and lease the Layang FPSO from THHE in 2014, after THHE was unable to complete the project due to financial issues.