[Brazil] FPSO Atlanta

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[Brazil] FPSO Atlanta

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Yinson signs MoU with Enauta for FPSO project in the Atlanta Field, Brazil

Posted Date: 27 Aug, 2021

Yinson Holdings Berhad (“Yinson” or the “Group”), through its wholly owned subsidiary Yinson Acacia Ltd has entered into a binding Memorandum of Understanding (“MoU”) with Enauta Energia S.A. (“Enauta”) to engage in exclusive negotiations for the potential supply and charter of a floating production storage and offloading (“FPSO”) unit for the Atlanta field in the Santos Basin, Brazil.

The MoU is in line with Yinson’s ambitions to strengthen its presence in Brazil, which is a territory of paramount importance, and where it currently has an operations office.

Yinson Group Chief Executive Officer Lim Chern Yuan commented, “The signing of this MoU is an important milestone for both Yinson and Enauta, signifying our joint commitment to progress towards a contract award. We share a common goal with Enauta to contribute towards the advancement of Brazil’s energy industry through solutions that are as sustainable as possible.”

Yinson Offshore Production Chief Executive Officer Flemming Grønnegaard said, “We are looking forward to working with Enauta to develop a solution that leverages on the potential synergies between our Brazil-based projects to achieve greater efficiencies. In Enauta, we find a like-minded partner who is committed to mitigating climate change issues. As such, minimising the FPSO’s environmental impact will be a key design consideration.”

Established in 1998, Enauta is one of the leading independent companies in the Exploration & Production sector in Brazil. The Company has a strong presence in Brazil with two producing offshore assets, Atlanta and Manati field, as well as 19 exploration blocks. Enauta is a wholly owned subsidiary of Enauta Participacoes S.A., a listed entity on the Brazilian stock exchange B3 since 2011 with a market capitalization of RM3.0 billion, total equity of RM2.7 billion and a net cash position of RM1.5 billion as at June 2021.
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[Brazil] Atlanta FPSO

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Yinson awarded Enauta FPSO project in Brazil

Posted Date: 20 Dec, 2021

Yinson has been awarded a Letter of Intent (“LOI”) by Enauta Energia S.A. (“Enauta”) for the provision, operation and maintenance of a floating, production, storage and offloading (“FPSO”) asset in the Atlanta Field located in the Santos Basin, offshore Brazil (“Project"). The LOI comes with a call option exercisable by Yinson to acquire the asset-owning company of the project with a 15-year time charter agreement and operation & maintenance agreement of the same duration, with Enauta having a right to extend the terms of these agreements by a further 5 years.

The estimated aggregate value of the Project is USD505 million (including a 2-year operations and maintenance agreement), with a further increase to USD1,981 million (inclusive of 5 years extension period) should Yinson exercise the call option. The LOI was issued to Yinson Acacia Ltd, an indirect wholly owned subsidiary of Yinson.

The LOI follows the signing of a binding Memorandum of Understanding (“MoU”) between Yinson and Enauta on 27 August 2021 to engage in exclusive negotiations for the potential supply and charter of the FPSO.

Yinson Group Chief Executive Officer Lim Chern Yuan commented, “We are confident that the great working relationship between Yinson and Enauta, which has been the foundation of our very fruitful MoU and LOI negotiations, will continue to see us through the execution of the project and its subsequent operations. We believe that this will ultimately allow both parties to reach our shared goal of advancing Brazil’s energy industry through solutions that are as sustainable as possible.”

Yinson Offshore Production Chief Executive Officer Flemming Grønnegaard said that emission-lowering technologies had been included into the FPSO’s design. He commented, “We believe that Yinson and Enauta’s joint commitment in pioneering low-emission designs will pave the way for the FPSO industry to contribute towards mitigating the world’s climate change issues. Having successfully strengthened our resources, capacity and expertise in Brazil over the past few years, we are excited to swing into high gear in order to execute this project well and deliver on our commitments.”

The FPSO will be Yinson’s third project award in Brazil, with the earlier two awarded assets on track for completion in 2023 and 2024 respectively.

Established in 1998, Enauta is one of the leading independent companies in the Exploration & Production sector in Brazil. The Company has a strong presence in Brazil with two producing offshore assets, Atlanta and Manati field, as well as 19 exploration blocks. Enauta is a wholly owned subsidiary of Enauta Participacoes S.A., a listed entity on the Brazilian stock exchange B3 since 2011 with a market capitalization of RM2.9 billion, total equity of RM2.6 billion and a net cash position of RM1.7 billion as at Q3 2021.
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Re: [Brazil] Atlanta FPSO

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Yinson signs firm contracts with Enauta for FPSO in Brazil

Posted Date: 22 Feb, 2022

Yinson has signed firm contracts with Enauta Energia S.A. (“Enauta”) for the provision, operation and maintenance of a floating, production, storage and offloading (“FPSO”) asset in the Atlanta Field located in the Santos Basin, offshore Brazil (“Project").

Pursuant to the Letter of Intent dated 17 December 2021, agreements were entered into through indirect wholly owned subsidiaries, Yinson Production Offshore Pte Ltd, Yinson Production EPC Pte Ltd, Yinson Bouvardia Holdings Pte Ltd and Yinson Bouvardia Serviços de Operação Ltda.

The engineering, procurement, construction and installation of the FPSO are expected to be completed by the first half of 2024. Prior to the completion of the construction of the FPSO, Yinson has the discretion to exercise the call option to acquire the asset-owning company of the Project with a 15-year time charter agreement and operation & maintenance agreement, whereby Enauta has a right to extend the agreements by a further 5 years.

The Project has an estimated aggregate value of USD505 million (including a 2-year operations and maintenance agreement), with a further increase to USD1,981 million (inclusive of 5 years extension period) should Yinson exercise the call option. The FPSO is one of Yinson’s three assets in Brazil, bringing the Group’s total fleet to nine floating assets.

Yinson Group Chief Executive Officer Lim Chern Yuan commented, “Brazil awarded majority of the FPSO contracts in 2021 and we expect it will continue to be the dominant FPSO market going forward. With our strong track record, Yinson aims to passionately deliver powerful solutions for Enauta. Our goal is to contribute positively towards the development of Brazil’s energy industry.”



Yinson Chief Executive Officer Offshore Production, Flemming Grønnegaard said of the award, “Our steadfast commitment is towards pioneering low-emission designs from the get-go and this Project is no different. Both Yinson and Enauta have been working closely since last year and we are making solid progress. We believe that our close working relationship with Enauta will help us move a step closer toward Yinson’s zero emission FPSO concept of the future and our goal of achieving net zero by 2050.”
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Re: [Brazil] Atlanta FPSO

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Re: [Brazil] FPSO Atlanta

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Enauta announces Yinson’s intention to acquire FPSO Atlanta and start of charter agreement
Rio de Janeiro, July 14th, 2023

Enauta Participações S.A. (“Enauta”, “Company”, B3:ENAT3) informs its shareholders and the market in general that it has received, on this date, a letter from Yinson Holdings Berhad, through its subsidiary Yinson Bouvardia Holdings Pte. Ltd. (“Yinson”), notifying the exercise of an option to acquire FPSO Atlanta through the purchase of all the shares of AFPS B.V., the platform owner company.

The exercise of the option is an important milestone in de-risking the full development of the Atlanta Field, confirming the near completion stage of FPSO Atlanta, in-line with its schedule and budget. Additionally, the option exercise implies a reduction in Enauta's net investment in the platform through completion of approximately US$ 100 million.

Yinson’s acquisition of FPSO Atlanta reflects a value of US$ 465 million for AFPS B.V., of which US$ 86 million are paid in cash and EPCI deferred payments and US$ 379 million in 15-year financing granted to Yinson.

The option exercise also initiates the 15-years charter, operation, and maintenance agreements, with a possible five-year extension. This contract reflects total value of US$ 2.0 billion for 20-years counted from the platform’s production start.

Atlanta’s Field Phase 1 production is expected to start mid-2024 with six production wells. FPSO Atlanta has the capacity to process 50,000 barrels of oil per day, 140,000 barrels of water per day, 20 MW of power generation and 1.6 million barrels of oil in inventory capacity.
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Re: [Brazil] FPSO Atlanta

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Yinson Production holds naming ceremony for FPSO Atlanta
  • Yinson Production held naming ceremony for FPSO Atlanta at Dubai Drydocks World in Dubai on 13 December 2023
  • FPSO Atlanta is a redevelopment project awarded to Yinson Production in February 2022 and is expected to achieve first oil in 2024
  • The FPSO will operate in the Atlanta field in the Santos Basin offshore Brazil for Enauta Energia S.A. under a 15 years (plus 5 optional years) lease and operate contract with a total value of up to USD 2 billion


Yinson Production has officially named its latest addition to the fleet, FPSO Atlanta, during a grand naming ceremony held at Dubai Drydocks World in Dubai, UAE on 13 December 2023.

The naming ceremony was graced by FPSO Atlanta Site manager and Lady Sponsor Mrs Maria Eduarda Pessoa, and witnessed by Yinson Production Chief Executive Officer Mr Flemming Grønnegaard, Enauta Energia S.A. (“Enauta") Chief Executive Officer Mr Décio Oddone, Yinson Production Project Manager for FPSO Atlanta Mr Scott Bendiksen, Drydocks World Chief Executive Officer Capt Rado Antolovic, PhD, as well as members of the board of directors and senior management of Yinson Production and Enauta.

FPSO Atlanta has a production capacity of 50,000 BOPD and a maximum storage capacity of 1,251,000 bbls. It will feature an efficient carbon management process plant, which utilises fuel gas for cargo tank inertisation that will significantly reduce flare gas emissions through a closed flare system. The plant introduced is a part of Yinson Production’s continuous sustainability efforts in reducing carbon emissions and being the frontrunner in decarbonising the FPSO industry towards the goal of net zero.

Yinson Production and Enauta entered into a letter of intent with regard to FPSO Atlanta in December 2021 and subsequently signed firm contracts for the engineering, procurement, construction, and installation, the operation and maintenance of initially 2 years, and a purchase option for Yinson Production in February 2022. In July 2023, Yinson Production exercised its option to purchase FPSO Atlanta with a 15-year firm (plus a 5-year extension option) contract for the provision, operation and maintenance with a total contract value of up to USD 1,981 million as well as project financing in the amount of USD 400 million.

The engineering, procurement, construction, and installation of the FPSO Atlanta is steadily progressing and upon completion, the asset will be deployed at the Atlanta Field located in the Santos Basin, offshore Brazil, with the first oil expected to be achieved later in 2024.

FPSO Atlanta will be the second of three FPSO vessel assets that Yinson Production will deploy in Brazil.

Commenting on the naming of FPSO Atlanta, Mr Flemming Grønnegaard mentioned, "We have achieved steady progress on FPSO Atlanta project driven by our strong adherence to our project execution philosophy, the dedicated and experienced team and the unwavering support from our client and stakeholders. We appreciate Enauta's trust in us by having awarded the project to Yinson Production, and we remain committed to enhancing access to stable and affordable energy in the South American region.”

Mr Scott Bendiksen highlighted, “We are proud to have maintained zero loss time incidents after nearly 7 million manhours for FPSO Atlanta. We remain committed to the highest HSE standards and will ensure the project's progress is on track in anticipation of its sail away to Brazil. The collaboration with Enauta has been a fruitful venture, further solidifying Yinson Production’s strong presence in the region.”

Mr Décio Oddone said, “Phase 1 of Atlanta is moving quickly to reach first oil in 2024. The adaptation of the FPSO is an important milestone for Enauta. To achieve this goal, we have already carried out several activities. The Full Field Development System positions Enauta as a pioneer among independents in executing a deepwater project. FPSO Atlanta has many engineering solutions and innovations to reduce the emissions intensity. The project demonstrates how the oil and gas industry can act positively within its operational limits, with responsibility, safety and efficiency.”

Capt Rado Antolovic said, “We are proud of our ongoing RLEC work (Repair, Life Extension and Conversion) for the newly named FPSO Atlanta. On completion we are confident of FPSO Atlanta’s longevity in offshore Brazil without drydocking. The naming ceremony is another milestone in this project which has an expansive scope for Drydocks World including the fabrication and installation of 3000 tonnes of structure.”
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Re: [Brazil] FPSO Atlanta

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London Marine Consultants (LMC) was honoured to attend the Atlanta FPSO naming ceremony at Drydocks World - Dubai on 13 December. We have been extremely proud to support Yinson Production and Enauta for the delivery of their new FPSO. LMC was responsible for the entire EPC refurbishment of the Turret Riser Balcony along with the design of the FPSO new mooring system. We would like to pass our huge thanks to our Client and owner Yinson Production, to Dry Docks World Dubai for their excellent collaboration throughout execution and to the LMC project team for another successful mooring system delivery.
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Re: [Brazil] FPSO Atlanta

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Yinson Production’s FPSO Atlanta sets sail to Brazil

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Yinson Production’s FPSO Atlanta set sail to Brazil today, marking the successful completion of the project execution phase, and is expected to arrive in the Atlanta field in the Santos Basin offshore Brazil during the second quarter 2024. The sail away follows the grand naming ceremony that was held for the FPSO in December 2023.

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FPSO Atlanta is a redevelopment project awarded to Yinson Production by Enauta Energia S.A. (“Enauta”) on 21 February 2022 as an EPCI (“Engineering, Procurement, Construction, Installation”) Project. In July 2023, Yinson Production exercised its option to purchase FPSO Atlanta, which includes a 15-year firm plus a 5-year option contract for the supply and operations & maintenance with a total contract value of up to USD 1,981 million. FPSO Atlanta has a production capacity of 50,000 barrels of oil per day and a maximum storage capacity of 1,200,000 barrels. The FPSO features an efficient carbon management process plant, which utilises fuel gas for cargo tank inertisation that will significantly reduce flare gas emissions through a closed flare system. The plant is part of Enauta and Yinson Production’s continuous efforts in reducing carbon emissions and being the frontrunner in decarbonising the FPSO industry towards the goal of net zero.The project, carried out at Drydocks World Dubai, was completed safely with over 9 million man-hours without lost time incident. The safety performance is an excellent achievement for the project, demonstrating the highest level of safety standards by the project team.

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Scott Bendiksen, FPSO Atlanta Project Manager said, “With over 9 million-man hours worked without a lost time incident, safety has remained our top priority throughout every phase of the project. We look forward to seeing FPSO Atlanta contribute to Enauta’s operations in the Santos Basin, further solidifying our position as a trusted partner in the offshore energy sector.”

Vinicíus Passos, Enauta’s Executive Deployment Manager said, “This is one more milestone achieved, which marks the successful conclusion of FPSO Atlanta's adaptation phase, with the aim of delivering the project on time and within budget. More than 2 years without any incident demonstrates the highest level of safety standards by the team that worked on adapting the vessel.”

FPSO Atlanta is the second of three FPSOs Yinson Production is delivering to clients in Brazil. The first vessel, FPSO Anna Nery, is already operational after achieving first oil in May 2023, while the third FPSO is currently under being built in China and progressing well towards completion this year.
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