Yinson unit to acquire Netherlands-based AFPS for RM406mil
Acquisition will be made via a call option for a maximum price of U$87.9 million or RM405.6 million.
PETALING JAYA: Yinson Holdings Bhd’s indirect wholly-owned subsidiary, Yinson Bouvardia Holdings Pte Ltd plans to acquire the entire equity interest in AFPS BV from Atlanta Field B.V. via a call option for a maximum price of U$87.9 million (RM405.6 million).
AFPS is the owner of the floating, production, storage, and offloading unit (FPSO) currently known as FPSO Atlanta.
Following the proposed acquisition, AFPS will be an indirect wholly-owned subsidiary of Yinson, via its indirect holding of equity interest in Yinson Bouvardia.
The initial option period is between 400 and 465 days after Feb 21, 2022 during which the call option can be exercised by Yinson Bouvardia between March 28, 2023 to June 1, 2023.
“The option period has currently been further extended via a letter of extension dated May 26, 2023 to July 14, 2023,” Yinson said in a filing to Bursa Malaysia today.
“The proposed acquisition presents our group with an opportunity to acquire AFPS and operate another FPSO serving the oil and gas industry in Brazil, further expanding and strengthening our presence in that country. Our FPSO presence in Brazil will increase to three with this acquisition,” it said.
FPSO Atlanta is currently undergoing the process of the redeployment to modify, upgrade and extend its design life.
Following completion of the redeployment, the FPSO will be moored at the designated offshore worksite as a leased FPSO vessel to Enauta Energia SA, a wholly-owned subsidiary of Enauta Participacoes SA for the Atlanta deep-water field in the Santos Basin in Brazil.
This is pursuant to the contract dated Feb 21, 2022 between the charterer and AFPS. The charter period is for a period of 15 years with options to extend up to five years.
“The estimated value of the time charter agreement is US$1.5 billion (RM6.92 billion), assuming 15 years inclusive of optional five years extension period,” added Yinson.
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