Yinson Production secures US$230mil financing in relation to FPSO Maria Quiteria

KUALA LUMPUR: Yinson Production has secured US$230 million (US$1=RM4.54) in term loan facility, structured and arranged by Global Infrastructure Partners (GIP), in relation to the floating, production, storage, and offloading (FPSO) Maria Quitéria.

In a joint statement today, the companies said the loan facility marks the first transaction between Yinson Production and GIP that demonstrates the attractiveness and robust investment outlook of the FPSO industry within the global energy infrastructure market as well as Yinson Production.

Yinson Production, the offshore production business unit of Yinson Holdings Bhd, was awarded the supply, operation, and maintenance of FPSO Maria Quitéria by Petróleo Brasileiro S.A. in February 2022.

“The FPSO is destined for the Jubarte field as part of the Parque das Baleias Integrated Project offshore Brazil.

“The construction of the FPSO is nearing 70 per cent completion as of June 2023, which is in line with the project schedule. The FPSO is on track to achieve first oil in the second half of 2024,” the companies said.

Yinson Production chief financial officer Markus Wenker said this transaction showcased the strength of Yinson Production in attracting highly sophisticated capital and its ability to broaden its funding base beyond Asia.

“We are excited to continue building upon this partnership and further growing our network of lenders and investors globally to pivot to new opportunities in the FPSO market and create value for our shareholders,” he said.

GIP credit managing director Jon Plavnick believed the investment further demonstrates GIP’s ability to provide customised capital solutions to top-tier infrastructure companies globally.

GIP has approximately US$100 billion in assets under management. The company was joined in funding of the loan by other investors including Gramercy Funds Management. – BK