Yinson Obtains $230 Million Financing for FPSO Maria Quitéria Project in Jubarte Field

Written by Ruth Rodrigues

Published on 08/08/2023 at 01:23

Foto: Yinson

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The Financing Will Be Allocated to FPSO Maria Quitéria for the Parque das Baleias Project in the Jubarte Field. This Loan Marks Another Important Moment in Yinson’s Journey.

Yinson Production, a subsidiary of the energy infrastructure and technology company Yinson Holdings, announced last Monday (08/07) another significant milestone in its journey. It secured a financing of US$ 230 million with Global Infrastructure Partners (GIP) for the development of the FPSO Maria Quitéria platform. The vessel will be allocated to the Jubarte Field to be part of the Parque das Baleias exploration project.

Yinson Secures Financing for Development of FPSO Maria Quitéria in Brazil

Yinson Production, a subsidiary of the energy infrastructure and technology company based in Kuala Lumpur, Yinson Holdings, secured significant financing of US$ 230 million for the construction of a Floating Production, Storage and Offloading (FPSO) vessel destined for the coasts of Brazil.

The amount will be allocated to the FPSO Maria Quitéria platform project, which is intended to be integrated into the Parque das Baleias project.

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This venture is headquartered in the Jubarte Field, operated by Petrobras and located in the northern region of the Campos Basin.

The site is approximately 80 kilometers from the coast of Anchieta, Espírito Santo, Brazil. With a water depth of about 1,300 meters, the Jubarte Field was discovered in 2001.

The Parque das Baleias area encompasses several fields, including Jubarte, Baleia Anã, Cachalote, Caxaréu, Pirambú, and Mangangá.

This US$ 230 million loan was structured by GIP, an independent infrastructure fund manager overseeing assets worth approximately US$ 100 billion.

This transaction marks the debut of collaboration between Yinson Production and GIP. It is also noteworthy that it represents GIP’s first foray into financing an oil and gas FPSO platform.

Markus Wenker, Chief Financial Officer of Yinson Production, praised the closing of the loan, stating: “We are excited to continue developing this partnership and further expanding our network of creditors and investors globally to explore new opportunities in the FPSO market and create value for our shareholders.”

The executive believes that this will be an important step for the future of Yinson’s operations in the Brazilian market.

Yinson Acquired FPSO Maria Quitéria in 2022 and Plans Heavy Investment in the Platform

In February 2022, Yinson Production secured the contract for the supply, operation, and maintenance of the FPSO Maria Quitéria platform in the Jubarte Field for Petrobras.

This milestone represented the second project award for Yinson from Petrobras and the third project award in Brazil. This directly aligns with Yinson’s strategy to strengthen its presence in the country.

According to company data, as of June 2023, the construction of FPSO Maria Quitéria reached nearly 70% completion, in line with the project schedule.

Consequently, the FPSO is on track to commence operations in the second half of 2024 in the Jubarte Field. This platform has a production capacity of 100,000 barrels of oil and five million cubic meters of gas per day.

Yinson emphasizes that the US$ 230 million loan highlights the investment prospects in the FPSO industry in the global energy infrastructure market.

This also solidifies Yinson Production’s position as one of the leading players in the operation and management of large platforms of this type in the Brazilian market.

Now, the company is preparing to utilize the financing to its advantage in developing the project in the Jubarte Field.

Yinson Obtains $230 Million Financing for FPSO Maria Quitéria Project in Jubarte Field

The Financing Will Be Allocated to FPSO Maria Quitéria for the Parque das Baleias Project in the Jubarte Field. This Loan Marks Another Important Moment in Yinson’s Journey.

Yinson Secures Financing for Development of FPSO Maria Quitéria in Brazil

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Yinson Acquired FPSO Maria Quitéria in 2022 and Plans Heavy Investment in the Platform

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Yinson Obtains $230 Million Financing for FPSO Maria Quitéria Project in Jubarte Field

The Financing Will Be Allocated to FPSO Maria Quitéria for the Parque das Baleias Project in the Jubarte Field. This Loan Marks Another Important Moment in Yinson’s Journey.

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