Malaysian FPSO operator Yinson secured a $720 million syndicated loan facility (“Facility”) for a floating production, storage and offloading (FPSO) system Maria Quiteria project in Brazil.
The six-year limited recourse loan will be used to support the ongoing construction of the FPSO, which was granted by Petrobras in November 2021.
The group’s Dutch subsidiary, Yinson Bergenia Production, signed the loan agreement with ING Bank, Singapore Branch, Maybank Group, Natixis Corporate & Investment Banking, Standard Chartered Bank (Singapore) and United Overseas Bank as arrangers, lessees firm and mandated bookkeepers.
The agreement has also been signed by Hongkong and Shanghai Banking Corporation Limited and JP Morgan, who participate as mandated lead arrangers.
Yinson’s chief strategy officer, Daniel Bong, said the deal demonstrated the strength of the group’s business strategy.
“The FPSO financing space has been very competitive as many postponed oil and gas developments have resumed post-pandemic and investor appetite has evolved with energy transition programs. So the success of this deal is remarkable. , ensuring that our robust business model and proven capabilities have earned the trust of our stakeholders,” he said.
Yinson, CEO of Offshore Production, Flemming Grønnegaard, added: “This is the second asset we are supplying to Petrobras. The first asset has been able to meet the project schedule thus far and is on track for first oil in early 2023, despite significant challenges posed by the pandemic. Moreover, thanks to the continuous efforts of our project team and the support of our customers, financiers, contractors and sub-contractors, the construction of FPSO Maria Quiteria progress according to schedule.
FPSOs Maria Quiteria is intended for the Jubarte field of the Parque das Baleias integrated project, located in the northern part of the Campos Basin off the coast of Brazil.