Yinson-Premuda JV to Acquire Four Rainbow to Bid for Future Projects

Malaysia's Yinson Holdings Berhad's indirect subsidiary Yinson Heather Ltd. (YHL) entered into a Joint Venture Deed Thursday with Italy's Premuda's unit Four Vanguard Servicos E Navegacao LDA (FVSN) to establish a joint venture company (JVC) in Singapore to acquire a FVSN vessel, which will then be used in the bidding for floating production storage and offloading (FPSO) projects.

Upon completion of the JVD, the JVC will enter into a Memorandum of Agreement (MOA) to purchase the vessel from FVSN for $65.6 million (€60 million), comprising $22.3 million (€20.4 million), 19.6 million JVC ordinary shares and a convertible note of $21.8 million (€20 million) in the JVC. YHL will hold a 51 percent stake in the JVC.

The Cayman Islands-flagged vessel, Four Rainbow, is a double hull Aframax tanker built in Italy in 1992 and converted to an FPSO in 2003. The vessel can stored around 604,000 barrels of crude oil.

"The Proposed Joint Venture is in line with the fleet expansion plan of the Company ... The Vessel is a potential candidate for a number of small oilfield developments in both West Africa and South East Asia," Yinson said in the announcement filed with Malaysia's stock exchange Bursa Malaysia.

Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours