Yinson Seals Tanker Deal With Premuda, Vessel Meant for Future FPSO Project

Malaysia-based Yinson Holdings Berhad reported Tuesday that the proposed joint venture company (JVC) between its indirect subsidiary Yinson Heather Ltd. (YHL) and Italy's Premuda unit Four Vanguard Servicos E Navegacao LDA (FVSN) to acquire a FVSN vessel, which will then be used in the bidding for floating production storage and offloading (FPSO) projects, is going ahead.

"The Board of Directors of Yinson Holdings Berhad wishes to announce that YHL and FVSN have on Sept. 28 agreed that all the conditions precedent to the Joint Venture Deed (JVD) dated July 30 have been fulfilled and/or waived," Yinson said in a filing with stock exchange Bursa Malaysia.

Upon completion of the JVD, the JVC will now 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.



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

WHAT DO YOU THINK?

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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  PGS CEO To Take On Statoil Chair Role (May 30)
 -  Restrata Appoints Ex-Hostage Negotiato... (May 30)
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)


Most Popular Articles

From the Career Center
Jobs that may interest you
Junior-Level Mechanical HVAC Design / Energy Audit Engineer
Expertise: HVAC|Mechanical Engineering
Location: San Antonio, TX
 
Energy Engineer
Expertise: Mechanical Engineering
Location: Gainesville, FL
 
Electrician Apprentice 1st Year- Hobbs, NM Job
Expertise: Electrician
Location: Hobbs, NM
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours