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YINSON Collaborates with Sumitomo for Brazil Marlim Project

Source: www.gulfoilandgas.com 3/1/2019, Location: South America

YINSON HOLDINGS BERHAD and Sumitomo Corporation have entered into a letter of agreement (LOA), which documents the intention of the parties to participate in a potential joint venture for the provision of a floating, production, storage and offloading unit (FPSO) for the Marlim field in Brazil (Project Marlim). The LOA confirms Sumitomo Corporation’s intention to participate in Project Marlim with an effective interest of at least 20% in the event of a successful bid by Yinson.

The letter of agreement follows on from the signing of a long term and binding Memorandum of Understanding between the two parties on 20 April 2018 to jointly pursue and collaborate in the leasing and operation of FPSO and FSO projects worldwide. Under this collaboration, Yinson commits to overseeing and conducting the overall project implementation, while Sumitomo commits to seeking competitive logistics and financing on top of enhancing the project execution.

Mr Lim Han Weng, Group Chairman of Yinson Group, said that the collaboration has been positive so far, and the cordial working relationship is a strong indication of the confidence that our partners have in Yinson’s ability to execute projects and manage risks.

“We are confident that the collaboration with Sumitomo Corporation across different working levels will improve our strength in terms of bidding strategy, financing, and project execution, thereby enhancing our competitiveness for prospective projects across the globe,” he said.

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