KUALA LUMPUR: YINSON HOLDINGS BHD [] and its partner Petrovietnam Technical Services Corporation have secured a US$331.15 million (RM1.01 billion) to provide a floating storage and off-loading (FSO).
It said the total contract value of RM1.01 billion was for 20 years, of which RM626.81 million was for the firm period of 10 years and the remaining RM383.20 million was for options to extend for another 10 years in four different periods.
Yinson added it would 49% in the joint venture and the 51% by PTSC. Yison's cash injection in the JV is expected to be RM55.125 million.
'The consortium will undertake to execute and perform the bareboat charter for the provision of an FSO,' it said.
On May 23, Yinson had signed a consortium agreement with PTSC for the execution and performance of the contract. PTSC's core business is in producing and trading in petroleum products and also material and equipment for petroleum equipment.
Its parent company, PetroVietnam is a 100% state owned entity that is authorised to deal in all petroleum related matters in Vietnam.
'Both parties have agreed to jointly provide the FSO on bareboat charter basis to PTSC and the latter will onward charter it to Bien Dong Petroleum Operating Company,' it said.
Yinson would finance its shares in the JV from its own funds, proceeds from a fund-raising exercises and/or borrowings.
Yinson had also proposed'' a renounceable two-call rights issue of up to 131.85 million rights shares at an issue price of RM1 per rights share, on the basis of three rights shares for every two existing shares held on an entitlement date to be determined later.
It said the total contract value of RM1.01 billion was for 20 years, of which RM626.81 million was for the firm period of 10 years and the remaining RM383.20 million was for options to extend for another 10 years in four different periods.
Yinson added it would 49% in the joint venture and the 51% by PTSC. Yison's cash injection in the JV is expected to be RM55.125 million.
'The consortium will undertake to execute and perform the bareboat charter for the provision of an FSO,' it said.
On May 23, Yinson had signed a consortium agreement with PTSC for the execution and performance of the contract. PTSC's core business is in producing and trading in petroleum products and also material and equipment for petroleum equipment.
Its parent company, PetroVietnam is a 100% state owned entity that is authorised to deal in all petroleum related matters in Vietnam.
'Both parties have agreed to jointly provide the FSO on bareboat charter basis to PTSC and the latter will onward charter it to Bien Dong Petroleum Operating Company,' it said.
Yinson would finance its shares in the JV from its own funds, proceeds from a fund-raising exercises and/or borrowings.
Yinson had also proposed'' a renounceable two-call rights issue of up to 131.85 million rights shares at an issue price of RM1 per rights share, on the basis of three rights shares for every two existing shares held on an entitlement date to be determined later.
No comments:
Post a Comment