Yinson and Sumitomo Corporation (“Sumitomo”) have concluded an agreement for their participation into the charter, operations and maintenance of FPSO Anna Nery for the Marlim revitalisation project in Brazil. Under the agreement, Sumitomo will have a 25% stake in the FPSO Anna Nery project, which was awarded to Yinson by Petróleo Brasileiro S.A. (“Petrobras”) in October 2019.

Sumitomo’s participation follows on from the signing of a long term and binding Memorandum of Understanding (MoU) between the two parties on 20 April 2018 to jointly pursue and collaborate in the leasing and operation of FPSO and FSO projects worldwide. Yinson had also successfully divested a 26% stake in FPSO John Agyekum Kufuor to a Sumitomo-led consortium prior to this.

 “Yinson and Sumitomo have a longstanding relationship built on trust and cooperation. In Sumitomo, we saw a partner that, like us, was seeking long-term strategic partnership – not just financial returns on a single project,” said Yinson Group Chief Executive Officer Mr Lim Chern Yuan.

“We are confident that the collaboration with Sumitomo will improve our ability to deliver FPSO Anna Nery safely and on time. We look forward to working with Sumitomo for future projects in time to come,” he said.

Work on FPSO Anna Nery is progressing well, with critical path long lead items placed and early works engineering contracts commenced as per project schedule. The vessel is currently undergoing conversion works in Qidong, China.

The estimated aggregate value of the FPSO Anna Nery project is equivalent to USD5.4 billion. The contract period is for 25 years from the date of the final acceptance.