Yinson Completes FPSO Atlanta Loan Buy-out From Brava For US$257.4 Mln
KUALA LUMPUR, Aug 6 (Bernama) -- Yinson Holdings Bhd's unit, Yinson Production, has completed the buy-out of the project loan related to the floating production storage and offloading (FPSO) vessel 'Atlanta' from Brava Energia S.A. for a total cash consideration of approximately US$257.4 million, including accrued interest.
In a statement, the global provider of FSPO vessels said that at the time of completion, the principal amount outstanding under the project loan stood at approximately US$408.8 million, for which the company paid a total cash consideration of approximately US$255.5 million, plus about US$1.9 million in accrued interest.
"The transaction was funded with cash on hand, and the company expects to raise new debt financing for the FPSO in the future," it said.
Yinson Production noted that it had acquired FPSO Atlanta from Brava through the exercise of a purchase option in 2023, which was partly funded by the project loan provided by Brava.
"The FPSO is currently operating under a 15-year firm contract, with a five-year extension option, with Brava, and achieved first oil on Dec 31, 2024. The remaining total contract value is approximately US$2 billion," the company added.
-- BERNAMA