Yinson gets final payment for Ghana FPSO stake sale

  • Infrastructure

Malaysian floating production and storage vessel provider Yinson has received a $13 million payment from a Japanese consortium regarding the proposed sale of stake in a Yinson subsidiary which owns and operates the John Agyekum Kufuor FPSO in Ghana.

To remind, four Japanese entities in 2017 teamed up to buy a 26 percent stake in  Yinson Production (West Africa) from Yinson.  Yinson at the time said that the Japanese consortium would pay between $104 million $117 million for the transaction.

Yinson on Thursday said that Japan Sankofa Offshore Production Pte. Ltd. “had on 20 June 2019 made the payment for the remaining consideration amounting to a total sum of $13.0 million” for the proposed sale of a 26 percent stake in Yinson Production (West Africa) Pte. Ltd.

A little over a year ago, the Malaysian FPSO company said that the proposed disposal had been completed on June 6, 2018, but the final $13 million payment was subject to the passing of the first year anniversary of the transaction completion date.

Yinson on Thursday said that following the $13 million payment, the total final consideration for the disposal was $117 million “which is the maximum Consideration receivable for the Proposed Disposal.”

With the acquisition, the Japanese consortium acquired a 26 percent stake in Yinson Production (West Africa) Pte. Ltd., which owns and operates the John Agyekum Kufuor FPSO, last year arrived in Ghana and started oil production from Eni’s giant Sankofa offshore oil and gas field.

The vessel, to remain on contract with Eni for 15 years, started oil production formally started oil production in July, 2017.

Built by Singapore’s Keppel, the FPSO is 333 meters in length and is 60 meters wide. It has a storage capacity of 1.7 million barrels, a double hull to reduce environmental risks, and a treatment capacity of 58,000 oil barrels per day.

It has a design life of 20 years without dry docking and can be moored in an average water depth of 1,000m with a total topside weight of almost 15,000 tonnes.
The FPSO’s gas injection capacity is 150 mmscfd while the maximum future gas export capacity is 210 mmscfd.

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