Yinson Production gets hold of over $1 billion bond for FPSO at Petrobras’ Brazilian oil field

June 27, 2025, by Melisa Cavcic

Malaysia’s Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson, is only ten days away from securing a $1.17 billion bond issue for a floating, production, storage, and offloading (FPSO) unit, which is deployed at an oil field in the pre-salt Campos Basin off the coast of Brazil.

FPSO Maria Quitéria; Source: Yinson Production

The settlement and closing of the nearly $1.2 billion bond issue is expected on July 7, 2025, to refinance the FPSO Maria Quitéria, which is chartered to Petrobras for work at the Jubarte field, where it has been operating since October 2024.

The 156-meter-tall and 333-meter-long FPSO can produce 100,000 barrels of oil a day and process up to 5 million cubic meters of gas. The 2001-discovered Jubarte field is part of the Parque das Baleias integrated project, together with Baleia Anã, Cachalote, Caxaréu, Pirambú, and Mangangá fields.

The Malaysian player’s subsidiary, Yinson Bergenia Production, owns the unit, which is currently on a 22.5-year fixed-rate charter valued at approximately $5 billion. Citigroup and JP Morgan are said to be mandated as global coordinators, alongside HSBC, ING, Santander, and Standard Chartered Bank as joint bookrunners.

This pricing of up to $1.2 billion senior secured notes is expected to have a final maturity of 19.6 years, similar to the $1.04 million 144A/Reg S non-recourse, senior secured notes, issued by Yinson Boronia Production, which owns and operates the FPSO Anna Nery for Petrobras under a 25-year contract off the coast of Brazil.

The new bond showcases the growing appetite for such refinancing solutions shortly after Yinson Production completed an equity raise of $1 billion with the option to enlarge the amount to $1.5 billion by issuing additional redeemable convertible preferred shares (RCPS) of up to $500 million within 24 months of closing.

With an order book of $19 billion until 2048, the firm’s fleet consists of ten floating units. The Malaysian player is actively working on sustainable FPSO designs, with its Zero Emissions FPSO concept pushing the decarbonization race to new levels.