06-08-2025
- Business
- New Straits Times
Yinson completes FPSO Atlanta project loan buyout
KUALA LUMPUR: Yinson Production has completed the buyout of a major project loan tied to its floating production storage and offloading (FPSO) Atlanta, from Brazil-based Brava Energia SA.
The company paid about US$255.5 million in cash to settle the loan, which had an outstanding principal of about US$408.8 million.
It also paid about US$1.9 million in accrued interest. The deal was funded with Yinson Production's existing cash reserves.
"This transaction strengthens our financial position and gives us more flexibility to raise new debt financing for FPSO Atlanta in the future," it said in a statement.
Yinson Production acquired FPSO Atlanta from Brava in 2023 by exercising a purchase option. The vessel is currently deployed under a 15-year contract, with an option to extend for another five years.
It started producing oil on Dec 31, 2024, and the remaining contract value stands at about US$2 billion.
FPSO Atlanta is one of 11 vessels in Yinson Production's global fleet. The company has operations in 11 countries and a total orderbook exceeding US$19 billion.
Yinson Production is part of Yinson Holdings Bhd, a group involved in offshore energy, renewables, and green technology.
