Latest news with #LimHanWeng
Forbes
29-07-2025
- Business
- Forbes
Malaysian Tycoon Lim Han Weng's Yinson Wins $600 Million Vietnam Contract
Yinson took delivery of Agogo FPSO, its largest vessel, in February. Yinson Production—controlled by Malaysian tycoon Lim Han Weng's Kuala Lumpur-listed Yinson Holdings—won a $600 million contract to supply a new floating storage and offloading (FSO) vessel to its joint venture company in Vietnam Under the deal, Yinson Production will lease and operate the FSO vessel to PTSC South East Asia, which it jointly owns with PetroVietnam Technical Services Corp., over a 14-year contract period, with an option to extend for another nine years, Kuala Lumpur-based Yinson Production said in a statement. Phu Quoc Petroleum Operating Co., which is developing offshore gas projects in southwest Vietnam, awarded the contract to PTSC South East Asia, Yinson Production said. 'This contract is anticipated to achieve first condensate in the third quarter 2027,' the company said. The vessel can store up to 350,000 barrels of condensate, the liquids formed from gas. The Vietnam contract will bring to 11 the offshore vessel fleet size of Yinson, one of the world's biggest providers of floating production, storage and offloading (FPSO) vessels to the global oil and gas industry with over $19 billion worth of orders until 2048. FPSO vessels extract hydrocarbons from deep-sea wells, sift impurities, store the crude oil and transfer this to tankers to refineries. Yinson Production has recently won new projects in Vietnam. In November, a separate joint venture of Yinson Production and PTSC was awarded the contract for the provision, charter, operation and maintenance of an FSO for Murphy Oil's Lac Da Vang project. This was followed by the announcement in December of an 18-month extension for Yinson Production's FPSO PTSC Lam Son contract to June 2026. Besides Vietnam, the group has deployed FPSO vessels on long-term contracts, ranging from 15 to 25 years, in countries such as Angola, Ghana, Nigeria, Vietnam and Brazil. Yinson Holdings was founded in 1984 by its chairman Lim Han Weng and his wife as a transport and trading business that morphed into a supplier of offshore support vessels to the oil and gas industry a decade later. By 2013, it became a full-pledged operator of FPSOs when it acquired Norway's Fred Olsen Production. With a net worth of $480 million, the Lim family is among the wealthiest in Malaysia.
New Straits Times
07-07-2025
- Business
- New Straits Times
Yinson's Brazil FPSO projects to generate over US$12bil through 2045
KUALA LUMPUR: Yinson Holdings Bhd's three floating production storage and offloading (FPSO) assets in Brazil are expected to generate a combined contracted value of over US$12 billion through 2045. Group executive chairman Lim Han Weng said the projects will also play a key role in meeting the South American nation's long-term energy demands. "These projects are a result of close collaboration with our clients, partners, the Brazilian government, regulatory bodies and the local supply chain," he said. "It reflects what can be achieved when Malaysian and Brazilian ambition and capabilities come together." Lim made the remarks at a dinner reception in Rio de Janeiro hosted by Yinson in honour of Prime Minister Datuk Seri Anwar Ibrahim, commemorating the strong and growing ties between Malaysia and Brazil. Also present at the event were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and Transport Minister Anthony Loke. Held under the theme 'Partnerships for Progress', the event celebrated the milestone of achieving first oil from FPSO Atlanta, Yinson's third FPSO in Brazil delivered to client Brava Energia. Yinson had earlier welcomed Anwar to Rio de Janeiro in November 2024 to mark the deepening bilateral relationship and the presence of its FPSO operations in the South American country.
The Star
30-06-2025
- Business
- The Star
Yinson's 1Q earnings fall on lower EPCIC revenue
KUALA LUMPUR: Yinson Holdings Bhd posted a lower net profit of RM115mil in the first financial quarter ended April 30, 2025, against a net profit of RM203mil in the same quarter in 2024 due to lower revenue contribution from engineering, procurement, construction, installation, and commissioning activities. In the quarter under review, the global energy infrastructure firm said revenue fell 44% year-on-year (y-o-y) to RM1.23bil from RM2.21bil in the year-ago quarter as FPSO Maria Quitéria and FPSO Atlanta achieved first oil on Oct 15, 2024 (3QFY25) and Dec 31, 2024 (4QFY25) respectively, and the Agogo FPSO is in the final stages of construction. "The actual progress of our projects under construction is in line with the group's expectations," it said in its results announcement. The board of directors declared an interim dividend of two sen per share for FY26, with entitlement date on Sept 4, 2025, and payable on Sept 26, 2025. Among the highlights of the quarter, Yinson group executive chairman Lim Han Weng said it had successfully closed the previously announced US$1bil investment from a consortium of international investment firms. "'We are resolute to continuously deliver substantial growth and shareholder value," he added. Meanwhile, the group also announced that as of June 30, 2025, it had acquired 111.08 million treasury shares through its share buyback programme at an average price of RM2.20 per share, for a total consideration of RM244mil. Prior to the midday break, shares in Yinson were last traded one sen higher at RM2.34 each after 2.39 million shares changed hands.
BusinessToday
10-06-2025
- Business
- BusinessToday
Yinson Responds To Possible Stonepeak Acquisition
Yinson Holdings Berhad (YHB) has issued a formal clarification following media reports suggesting that the company is the subject of a potential US$2.1 billion buyout by U.S.-based investment firm Stonepeak. In a statement released on 6 June 2025, Yinson denied being in discussions with any third parties regarding a buyout exercise. 'The Company wishes to clarify that it is not in discussion with any third parties in respect of any buyout exercise,' the statement read. However, the company acknowledged that its Group Executive Chairman, Lim Han Weng, is engaged in preliminary discussions with several parties concerning potential corporate proposals involving his shareholding in YHB. These talks, Yinson emphasised, are still in the exploratory phase and may not lead to any definitive corporate action. 'There is currently no conclusive indication that the discussions would give rise to a corporate proposal involving YHB,' the company noted. Yinson assured that it will comply with Bursa Malaysia's Main Market Listing Requirements and make the necessary announcements should any corporate exercise materialise. In the meantime, the company has advised shareholders to exercise caution and seek appropriate professional advice when dealing in YHB shares. The clarification comes in response to widespread media coverage on Stonepeak's exclusive talks to acquire Yinson in a deal potentially valued at over RM9 billion. Related
The Star
10-06-2025
- Business
- The Star
Trading ideas: Yinson, 99 Speed Mart, Sealink, Citaglobal, Chin Well
KUALA LUMPUR: Here are some stocks that could see trading interest today following their latest news, including Yinson Holdings Bhd , 99 Speed Mart Retail Holdings Bhd, Sealink International Bhd , Citaglobal Bhd , and Chin Well Holdings Bhd . Yinson has clarified that it is not in discussions with any third parties regarding a buyout exercise. However, the group said its executive chairman, Lim Han Weng, is currently engaged in 'exploratory discussions' with various parties concerning potential corporate proposals related to its shareholding. The Employees Provident Fund (EPF) has acquired a 5.02% stake in 99 Speed Mart through a direct off-market transaction. Citaglobal has appointed 27-year-old Tengku Muhammad Iskandar Ri'ayatuddin Shah (Tengku Arif Bendahara) as an independent and non-executive director. Tengku Arif Bendahara is the son of the Sultan of Pahang, Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah. Sealink announced that access to its vessel, which was damaged by a fire in Brazil last month, remains restricted due to the current site conditions. As a result, the company said that a full on-site assessment of the vessel and the extent of the damage has been delayed. Overnight, the S&P 500 climbed 0.09% to end the session at 6,005.88 points. The Nasdaq gained 0.31% to 19,591.24 points, while the Dow Jones Industrial Average ended essentially unchanged at 42,761.76 points.
