Yinson Holdings has announced that Addax Petroleum Development (Nigeria) Limited has extended its contract for the charter of FPSO Knock Adoon with Adoon Pte Ltd by one year with effect from 17 October 2014.
The extension contract is valued at approximately USD39.0 million (equivalent to approximately RM127.49 million) in total.
The original contract for the FPSO was awarded on October 17, 2006, for a firm eight year period with an option to renew up to eight years and the original contract has expired on October 16, 2014. Both parties have now agreed to extend the term of the original contract by one 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.
FPSO Knock Adoon has been operating on the Antan field in Nigeria throughout the contract period.
Adoon is an indirect wholly-owned subsidiary of Yinson.
Addax, a subsidiary of Sinopec Group is engaged in the exploration, development and production of oil and gas resources.
Press Release; Image: Yinson
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