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NewsYinson bags FPSO extension contract worth RM127.49 million
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Yinson bags FPSO extension contract worth RM127.49 million
by Cals Tue 21 Oct 2014, 01:53
Yinson bags FPSO extension contract worth RM127.49 million
By Ahmad Naqib Idris Adzman Shah / TheEdge Markets.com | October 20, 2014 : 1:50 PM MYT
KUALA LUMPUR (October 20): Yinson Holdings Bhd ( Financial Dashboard)’s wholly-owned indirect subsidiary, Adoon Pte Ltd, has obtained a one-year extension contract for the charter of its floating production storage and offloading (FPSO) vessel, FPSO Knock Adoon, by Addax Petroleum Development (Nigeria) Ltd.
In a filing with Bursa Malaysia, Yinson said the contract is worth US$39.0 million (RM127.49 million).
The original contract for the vessel was awarded on October 17, 2006, for period of eight years with an extension option of up to another eight years.
The original contract has expired on October 16, 2014, and both parties have agreed to extend the term of the contract by another year to October 16, 2015.
“The extension contract is expected to contribute positively to the revenue and earnings of Yinson group for the financial year ending January 31, 2015, and the financial periods thereafter for the duration of the extension contract,” said the group.
At noon market break, Yinson rose 9 sen or 3.5% to RM2.65, bringing its market capitalisation to RM2.74 billion.
By Ahmad Naqib Idris Adzman Shah / TheEdge Markets.com | October 20, 2014 : 1:50 PM MYT
KUALA LUMPUR (October 20): Yinson Holdings Bhd ( Financial Dashboard)’s wholly-owned indirect subsidiary, Adoon Pte Ltd, has obtained a one-year extension contract for the charter of its floating production storage and offloading (FPSO) vessel, FPSO Knock Adoon, by Addax Petroleum Development (Nigeria) Ltd.
In a filing with Bursa Malaysia, Yinson said the contract is worth US$39.0 million (RM127.49 million).
The original contract for the vessel was awarded on October 17, 2006, for period of eight years with an extension option of up to another eight years.
The original contract has expired on October 16, 2014, and both parties have agreed to extend the term of the contract by another year to October 16, 2015.
“The extension contract is expected to contribute positively to the revenue and earnings of Yinson group for the financial year ending January 31, 2015, and the financial periods thereafter for the duration of the extension contract,” said the group.
At noon market break, Yinson rose 9 sen or 3.5% to RM2.65, bringing its market capitalisation to RM2.74 billion.
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