Tuesday, September 27, 2011

Yinson secures US$105m loans for FSO

KUALA LUMPUR: Integrated offshore services provider, YINSON HOLDINGS BHD [] has secured US$105 million (RM334.2 million) for its floating storage and off-loading (FSO) facility.

It said on Tuesday, Sept 27 that it had signed two loan facility agreements with UOB Group and Oversea-Chinese Banking Corporation Ltd in Singapore for a total loan amount of US$105 million.

'The fund raising exercise is to fund the FSO of Yinson's joint venture company; PTSC South East Asia Pte Ltd, that was incorporated in Singapore,' it said.

The joint venture company will be 49% owned by Yinson and 51% owned by PetroVietnam Technical Services Corporation (PTSC).

To recap, Yinson had on June 29, secured a bareboat charter contract to provide a FSO worth US$331 million (RM1.01 billion) from PTSC for a firm period of 10 years with the options to extend for another 10 years. Both parties have agreed to jointly provide the FSO on a bareboat charter basis to PTSC and the latter will charter it onward to Bien Dong Petroleum Operating Company.

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