Yinson Gets BW's Proposal on Full Ownership of FPSO Petroleo Nautipa
Malaysia-listed Yinson Holdings Berhad (YHB) reported Wednesday that the firm, AmInvestment Bank Berhad and Maybank Investment Bank Berhad announced that its wholly-owned subsidiary, Yinson Production AS (YPAS) (formerly known as Fred Olsen Production AS) has July 8 received an offer letter (Offer Letter) from BW Offshore Limited (BW Offshore) proposing a process for reaching a mutual agreement over the eventual 100 percent ownership of the floating, production, storage and offloading facility vessel, Petroleo Nautipa (FPSO Petroleo Nautipa) and its owner, Tinworth Pte. Ltd. (Tinworth), by either parties (Offer).
Tinworth is a 50-50 joint venture held between Nautipa AS (NAS), a wholly-owned subsidiary of Yinson Production AS and Prosafe Nautipa AS (PNAS), a direct subsidiary of Prosafe Production Public Limited which is ultimately held by BW Offshore. It is proposed that the sale and purchase be in respect of 100 percent equity interest in PNAS or 100 percent equity of NAS, as the case may be. Completion will be conditional upon receipt of YHB shareholders’ approval.
The Board will deliberate and decide on the Offer to either acquire the 100 percent equity interest in PNAS or dispose its 100 percent equity interest in NAS and further announcement on the decision undertaken by the Board will be made by YHB within the next 10 business days from the date of receipt of the Offer Letter by Yinson Production AS.
This announcement is dated July 9.
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