Addax Extends Yinson's FPSO Charter Contract for $129M

Malaysia's Yinson Holdings Berhad referred Monday to the Oct. 20, 2014 announcement on the extension of a contract for the charter of floating production, storage and offloading (FPSO) Adoon and reported that Addax Petroleum Development (Nigeria) Limited (Addax) has further extended its contract for the charter of FPSO Adoon with Adoon Pte Ltd. (Adoon) by 3 years to October 2018, the firm said in a filing on local exchange Bursa Malaysia.

The extended contract, which will take effect from Oct. 17, 2015 to Oct. 16, 2018, is valued at approximately $129 million (equivalent to approximately MYR 531 million).

"FPSO Adoon has been operating on the Antan field in Nigeria throughout the contract period," according to the statement.

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