Yinson optimistic about Adoon FPSO extension

Malaysian FPSO operator Yinson is hopeful of securing a long-term contract for its Adoon FPSO after several recent short-term extensions with Addax Petroleum.

Illustration only – An FPSO offshore Nigeria. Source Wikimedia under Public Domain license

As previously reported, Yinson last week announced it had won a one-month extension for the FPSO moored at Block OML 123 offshore Nigeria. The extension, worth $3.18 million, is valid until June 16, with the two companies in talks over what Yinson hopes to be a long-term deal.

In its annual report released on Friday, Yinson said: “The Group is optimistic for the charter to be extended as Yinson’s performance has been pleasing, and the production from the oil field remains strong.”

According to Yinson, FPSO Adoon achieved 100% uptime throughout 2018, “a perfect streak which has remained unbroken since Q2 2015.”

“In fact, since FPSO Adoon commenced operations in 2006, the vessel has clocked an outstanding average uptime record of 99.96%,” Yinson said.

Information on Yinson’s website shows Addax has options to extend the contract until 2022. The FPSO has a storage capacity of 1.7 million barrels.

The 1985-built vessel, moored at the Antan field offshore Nigeria, won its first contract with Addax in October 2006. After the original contract expired on October 16, 2014, it was extended for another year.

After that, the contract was extended for another three years to October 16, 2018. Upon the October 2018 expiration, Addax extended the charter until January 2019, then until April 16, followed by another extension till May 16, and now until June 16.

Offshore Energy Today Staff

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