Yinson and Sumitomo Corporation have entered into a letter of agreement (LOA) for the provision of one of our FPSO vessels for the Marlim field in Brazil (Project Marlim). The LOA confirms Sumitomo Corporation’s intention to participate in Project Marlim with an effective interest of at least 20% in the event of a successful bid by Yinson.

The LOA follows on from the signing of a long-term and binding Memorandum of Understanding (MOU) between both parties on 20 April 2018 to jointly pursue and collaborate in the leasing and operation of FPSO and FSO projects worldwide.

Under this collaboration, Yinson commits to overseeing and conducting the overall project implementation, while Sumitomo commits to seeking competitive logistics and financing on top of enhancing the project execution.