Short-term Charter Extension for Yinson’s FPSO in Nigeria

(OE) Malaysia’s FPSO leasing company Yinson has secured a one-month contract extension for its Adoon FPSO in Nigeria.

The contract was signed with client Addax, a Sinopec subsidiary, on December 16, 2022 and will run until January 2023.

The value of the contract extension is estimated to be $3.4 million. The original contract for the FPSO Adoon was awarded on October 17, 2006.

The spread-moored FPSO, with a storage capacity of 1,7 million barrels of oil, is used for oil production from Addax’s Block OML 123, offshore Nigeria. The FPSO can produce 60,000 barrels of oil per day. 

According to Yinson’s 2022 annual report, 84% of the people working aboard the FPSO were local.

The deal between Sinopec’s Addax and Yinson’s Adoon Pte. Ltd. extends the FPSO’s tenure to November 16, 2022.  The extension is worth $3.4 million (equivalent to approximately RM16.04 million).

 Elsewhere in Africa, Yinson earlier this month agreed to start preliminary activities for the provision of an FPSO for Eni, BP JV in Angola, called Azule Energy.

Under the agreement with Azule Energy, Yinson will start preliminary work for the provision, operation, and maintenance of a floating, production, storage, and offloading asset for the Agogo Integrated West Hub Development Project in Angola.

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