Posted by Jimmy Song > 2017-11-22 00:58 | Report Abuse

YINSON SEALS DISPOSAL OF 26% INTEREST IN FPSO JAK BUILDING STRATEGIC PARTNERSHIPS & CAPITAL VELOCITY KUALA LUMPUR – 21 NOVEMBER 2017 Malaysia’s premier integrated offshore services provider, YINSON HOLDINGS BERHAD (“Yinson”, the “Company” or “云升控股有限公司”) is pleased to announce that it has closed an agreement with a consortium of companies consisting of established Japanese companies with rich history and consistent track records in their respective industry, namely, Sumitomo Corporation (“Sumitomo”), Kawasaki Kisen Kaisha Limited (““K” Line”), JGC Corporation (“JGC”) and Development Bank of Japan, Inc. (“DBJ”) (collectively known as the “Consortium”) for a proposed disposal of 26% equity interest of Yinson Production (West Africa) Pte. Ltd. (“YP(WA)PL”), an indirect wholly owned subsidiary of the Company (“Strategic Partnership Exercise”). YP(WA)PL is the owner of floating production, storage and offloading unit John Agyekum Kufuor (“FPSO JAK”) which produced first oil at the Offshore Cape Three Points (“OCTP”) block three (3) months ahead of schedule in May 2017. The Strategic Partnership Exercise is also a part of Yinson’s funding strategy of capital asset velocity, wherein the Company capitalise current and future resources via among others, investment opportunities and acquisition or disposal of assets to generate further revenue through re-capitalisation into other investment opportunities. The Strategic Partnership Exercise is subject to certain conditions precedent and is expected to complete by first quarter of year 2018. “We are delighted that all negotiations between us and the Consortium have come to a close with the finalisation of the contractual terms. We look forward to furthering our partnership with them on other projects. This event marks a new milestone for us by securing strong strategic partnerships which will help to alleviate the Group’s competitive advantage by tapping into the Consortium’s wide networks.” said Mr. Lim Han Weng, the Group Executive Chairman of Yinson.