KUALA LUMPUR (Oct 6): Yinson Holdings Bhd via its indirect unit has secured a US$720 million (RM3.33 billion) syndicated loan facility for the FPSO Maria Quitéria project.
In a statement on Thursday, Yinson said the six-year limited recourse loan will be used to support the ongoing construction of the FPSO, which was awarded to Yinson by Petróleo Brasileiro SA (Petrobras) in November 2021.
Yinson entered into the loan arrangement through its indirect wholly-owned Netherlands-based subsidiary Yinson Bergenia Production BV with mandated lead arrangers, underwriters and bookrunners consisting of ING Bank NV, Singapore Branch, Maybank Group, Natixis Corporate & Investment Banking, Standard Chartered Bank (Singapore) Ltd and United Overseas Bank Ltd.
The agreement was also signed by the Hongkong and Shanghai Banking Corp Ltd and JP Morgan who are participating as mandated lead arrangers.
Yinson CEO of offshore production Flemming Grønnegaard said FPSO Maria Quitéria is the second asset that Yinson is delivering to Petrobras.
“(Work on) the first asset has been able to meet the project schedule thus far and is on track for first oil in early 2023, despite the significant challenges brought about by the pandemic,” he added.
Yinson group chief strategy officer Daniel Bong said the FPSO financing space has been very competitive, as many postponed oil and gas developments have resumed post pandemic and investor appetites have evolved with energy transition agendas.
FPSO Maria Quitéria is destined for the Jubarte field for the Parque das Baleias Integrated Project, located in the northern part of the Campos Basin (offshore Brazil).
Shares of Yinson settled 0.46% lower at RM2.15, giving the group a market capitalisation of RM6.56 billion.