[Nigeria] FPSO Adoon (Divested)

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escveritas
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[Nigeria] FPSO Adoon (Divested)

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Charterer / Client Addax Petroleum
Field (Country) Block OML 123 (Nigeria)
Storage capacity 1.7mm barrels
Mooring Spread
Production capacity Oil: 60,000 BOPD
Liquid: 140,000 BLPD
Gas Comp: 7 MMSCFD
Water Inj: 50,000 BWPD
Contract commencement 17 October 2006
Contract duration (firm) 2006 - 2022
Optional extension -
Remaining contract tenure as at 31 January 2020 (firm) 2 years 8 months
Ownership 100% Yinson
Uptime Above 99%
escveritas
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Re: [Nigeria] FPSO Adoon

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OML123 is Addax Petroleum’s largest licence area as measured by reserves and production and is located offshore approximately 60 km south of the town of Calabar in the south-eastern part of Nigeria, in the Gulf of Guinea.

Description

Covers an area of 90,700 acres (367 km2) in water depths ranging from 3 to 40 m
Contains nine producing oil fields (Adanga, Oron West, North Oron, Ebughu and extensions, Adanga North Horst, Inagha, Kita Marine, Bogi and Mimbo), one undeveloped oil field (Antan) three unappraised oil discoveries (Adanga East, Adanga West and Ebughu NE-A), a large 8,600 acre (35 km2) undeveloped gas discovery (Oron) and several exploration prospects
escveritas
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Re: [Nigeria] FPSO Adoon

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20 Oct 2022

We refer to our announcements dated 20 October 2014, 19 October 2015, 22 October 2018, 23 November 2018, 18 April 2019, 23 May 2019, 27 May 2019 and 18 June 2019 in respect of the extension of contract for the charter of FPSO Adoon between Addax Petroleum Development (Nigeria) Limited (“Addax”) and Adoon Pte. Ltd., an indirect wholly owned subsidiary of the Company (“Contract”).

Unless otherwise expressly defined in this announcement, terms and expressions used in this announcement shall have the same meaning as ascribed to them in our earlier announcements.

On 19 October 2022, Addax has entered into an agreement with Addon Pte. Ltd. to further extend the Contract for an interim period of one (1) month commencing from 17 October 2022 to 16 November 2022 (“Contract Extension”). Save for the extension of the tenure, the terms under the Contract Extension remain unchanged.

The value of the Contract Extension is estimated to be USD3.4 million (equivalent to approximately RM16.04 million).

The Contract Extension will not have any effect on the share capital and shareholding structure of the Company. However, it is expected to have positive impact on the earnings and net assets per share of Yinson Group.

The risks associated with the Contract Extension are normal operational risks which can be mitigated through the Yinson Group’s system of project management and internal business controls.

None of the directors and major shareholders and/or persons connected to the directors and/or major shareholders of the Company has any interest, direct or indirect, in the Contract Extension.

This announcement is dated 20 October 2022.
escveritas
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Re: [Nigeria] FPSO Adoon

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19 Dec 2022

We refer to our announcements dated 20 October 2014, 19 October 2015, 22 October 2018, 23 November 2018, 18 April 2019, 23 May 2019, 27 May 2019, 18 June 2019 and 20 October 2022 in respect of the extension of contract for the charter of FPSO Adoon between Addax Petroleum Development (Nigeria) Limited (“Addax”) and Adoon Pte. Ltd., an indirect wholly owned subsidiary of the Company (“Contract”).

Unless otherwise expressly defined in this announcement, terms and expressions used in this announcement shall have the same meaning as ascribed to them in our earlier announcements.

On 16 December 2022, Addax has entered into an agreement with Adoon Pte. Ltd. to further extend the Contract for a period of up to 16 January 2023 (“Contract Extension”). Save for the extension of the tenure, the terms under the Contract Extension remain unchanged.

The value of the Contract Extension is estimated to be USD3.4 million (equivalent to approximately RM15.03 million).

The Contract Extension will not have any effect on the share capital and shareholding structure of the Company. However, it is expected to have positive impact on the earnings and net assets per share of Yinson Group.

The risks associated with the Contract Extension are normal operational risks which can be mitigated through Yinson Group’s system of project management and internal business controls.

None of the directors and major shareholders and/or persons connected to the directors and/or major shareholders of the Company has any interest, direct or indirect, in the Contract Extension.

This announcement is dated 19 December 2022.
escveritas
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Re: [Nigeria] FPSO Adoon

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KUALA LUMPUR – 12 January 2023

Yinson Production (“YP”) is pleased to announce that it has successfully completed the 16-year contract for FPSO Adoon, which has been operating at Block OML 123 offshore Nigeria. The contract had an original period of 8 years until 2014 with the option to extend by up to 8 more years until 2022. The contract was further extended by client Addax Petroleum Development (Nigeria) Limited (“Addax”) through consecutive monthly extensions until January 2023. Addax exercised its contractual option to purchase FPSO Adoon at the end of the contract period and the sale was completed on 11 January 2023.

FPSO Adoon was constructed by YP’s predecessor company, Fred. Olsen Production ASA, for Addax and commenced operations in October 2006. Since the commencement, the asset has provided safe and reliable operations to the client with an average technical uptime above 99.9% and no Lost Time Injuries (LTIs) for the last 11 years. FPSO Adoon has produced over 212 million barrels of oil, and clocked more than 6 million offshore manhours over its contract tenure.
Flemming Grønnegaard, Chief Executive Officer, said: “It fills us with pride to know that FPSO Adoon has been able to contribute significantly to Nigeria’s energy landscape for the past 16 years, positively impacting the local economy and wellbeing of the community. This has been made possible
by our passionate team at Port Harcourt, with unwavering support from our client Addax, the regulatory bodies in Nigeria and the local community and supply chain. Deepest appreciation to everyone who played a part in FPSO Adoon’s success story.”
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