Yinson expects to conclude Nigerian FPSO deal in September

July 12, 2018 6:24 AM

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KUALA LUMPUR: Yinson Holdings Bhd, which is currently in exclusive talks to supply a floating production storage and offloading (FPSO) unit to Nigeria's First Exploration & Petroleum Development Company Ltd (First E&P), expects to conclude the negotiation in September this year.

Previously, the FPSO specialist said it expects to seal the deal by June 30.

"We intend to close the deal as soon as possible, but it is a very long term contract and there is another party across the table that we need to negotiate with," its group CEO Lim Chern Yuan told reporters after its AGM today.

"We don't know whether it is a realistic target but we will try our best to come into conclusion within the next quarter, by September," he added.

On its outlook on the industry, Lim said the group remained optimistic on the demand for FPSOs in the next two years as it sees more project bidding activities globally.

Yinson's order book currently stands at US$4.3 billion and will keep the group busy until 2037.

At the noon break, its shares gained 1 sen or 0.2% to RM4.53 on 10,800 shares traded.

Source: thesundaily.my

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