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.
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