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The Intent of Yinson Holdings Bhd and Sumitomo Corporation Is to Form a Joint Venture to Supply Floater for the Marlin Field and Act on Revitalization Projects
Yinson Holdings Bhd (Malaysia) has signed a Letter of Agreement (LOA) with Sumitomo Corporation (Japan) to participate in a potential joint venture for the supply of a Floating Production, Storage, and Offloading Unit (FPSO) for the Marlin field in Brazil. In a statement released yesterday (27), the company said the LOA confirmed Sumitomo Corporation’s intention to participate in the project with an effective interest of at least 20% in the event of a successful proposal made by Yinson.
According to him, under this collaboration, Yinson is committed to overseeing and leading the overall implementation of the project, while Sumitomo is committed to seeking competitive logistics and financing, as well as enhancing project execution.
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“The collaboration has been positive so far, and the cordial working relationship is a strong indication of the trust our partners have in Yinson’s ability to execute projects and manage risks.
“We are confident that the collaboration with Sumitomo Corporation at different levels of work will enhance our strength in terms of bidding strategy, financing, and project execution, increasing our competitiveness in future projects worldwide”, said the chairman of the Yinson group, Lim Han Weng. – Bernama
