Nigeria: Another short extension for Yinson FPSO as talks for longer tenure continue

The article has been updated to include the value of the contract extension as disclosed by Yinson on May 27, 2019.

Malaysian FPSO supplier Yinson has yet to secure a long-term contract extension for its Adoon FPSO moored at Block OML 123 in Nigeria.

Beach near Lagos, Nigeria / Image source: Pixabay
Beach near Lagos, Nigeria / Image source: Pixabay

Yinson on Thursday said that Addax Petroleum had yet again extended the FPSO charter for a brief spell, prolonging the FPSO lease for one month, ending on June 16.

Yinson has said the contract was extended “under the existing terms and contracts,” and “in view that negotiations are still ongoing as to a substantive extension of the tenure of the [FPSO] contract.”

The two companies have been in talks over a potential longer-term contract for months, with information on Yinson’s website showing Addax has options to extend the contract until 2022. The FPSO has a storage capacity of 1.7 million barrels.

The 1985-built vessel, moored at the Antan field offshore Nigeria, won its first contract with Addax in October 2006. After the original contract expired on October 16, 2014, it was extended for another year.

After that, the contract was extended for another three years to October 16, 2018. Upon the October 2018 expiration, Addax extended the charter until January 2019, then until April 16, followed by another extension till May 16, and now until June 16.

Elsewhere in Nigeria, Yinson has recently secured a long-term FPSO contract – also after months of talks – with First E&P. First E&P will hire the FPSO, to be named Abigail-Joseph, and deploy it at its Anyala & Madu fields located in Oil Mining Leases 83 & 85. The primary term of the FPSO charter is valid for seven years, with First E&P having options to extend for eight more years.

In an update on Monday, May 27, Yinson said the extension contract value was around $3.18 million (approximately RM13.27 million).


Offshore Energy Today Staff

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