Yinson Production has agreed to and completed the buy-out of the project loan related to FPSO Atlanta from Brava Energia.At the time of the completion of the transaction…
Yinson Production has agreed to and completed the buy-out of the project loan related to FPSO Atlanta from Brava Energia.
At the time of the completion of the transaction, the principal amount outstanding under the project loan was approximately $408.8 million for which the company paid a total cash consideration of approximately $255.5 million plus approximately $1.9 million in accrued interest.
The transaction was funded with cash on hand and Yinson Production expects to raise new debt financing for the FPSO in the future.
Yinson Production acquired FPSO Atlanta from Brava through the exercise of a purchase option in 2023, partly funded by the project loan provided by Brava.
FPSO Atlanta is employed under a 15-year firm contract, with five-year extension option, with Brava and achieved first oil on December 31, 2024.
The remaining total contract value is approximately $2 billion.
The FPSO has the capacity to produce up to 50 thousand barrels of oil per day, treat 140 thousand barrels of water per day and store up to 1.6 million barrels of oil.
Content Original Link:
" target="_blank">
