The loan term facility was structured and arranged by Global Infrastructure Partners (GIP), the group said in a statement today.
The transaction marked GIP’s first financing arrangement in the floating production storage and offloading (FPSO) vessel sector.
It also represented the first collaboration between Yinson Production and GIP, the statement read.
GIP is an independent infrastructure fund manager with around US$100 billion (RM447.7 billion) in assets under management.
In February 2022, Petróleo Brasileiro SA granted Yinson Production the contract to supply, operate, and maintain FPSO Maria Quitéria for the Jubarte field, as part of the Parque das Baleias Integrated Project, offshore Brazil.
By June 2023, the construction of the FPSO was nearly 70% complete, in line with the project’s timeline. It is currently on track for the commencement of first oil production in the second half of 2024.
Yinson Production CFO Markus Wenker said this transaction demonstrates the firm’s prowess in attracting highly sophisticated investments and its capacity to diversify its funding sources beyond the Asian market.
“We are excited to continue building upon this partnership and further growing our network of lenders and investors globally to pivot to new opportunities in the FPSO market and create value for our shareholders,” said Wenker.
At market close today, Yinson Holdings’ share price was flat at RM2.55, giving the company a market capitalisation of RM7.81 billion.
Stay current - Follow FMT on WhatsApp, Google news and Telegram