The Malaysian FPSO renting business Yinson has actually finished the 16-year agreement for FPSO Adoon in Nigeria as the customer Addax made a decision to acquire the FPSO.
The agreement for the FPSO which has actually been running at Block OML 123 overseas Nigeria, had an initial regard to 8 years till 2014, with the alternative to expand by as much as 8 even more years till 2022. The agreement was additionally expanded by customer Addax with successive regular monthly expansions till January 2023.
Addax exercised its legal alternative to buy FPSO Adoon at the end of the agreement duration as well as the sale was finished on January 11, 2023. The acquisition cost was not divulged.
FPSO Adoon was constructed by Yinson’s precursor business,Fred Olsen Production ASA, for Addax as well as began procedures in October 2006.
The spread-moored FPSO, with a storage space ability of 1,7 million barrels of oil, can generate 60,000 barrels of oil each day.
According to Yinson, because the manufacturing begin, the property has actually given secure as well as dependable procedures to the customer with an ordinary technological uptime over 99.9% as well as no Lost Time Injuries (LTIs) for the last 11 years.
According to Yinson, the FPSO Adoon has actually generated over 212 million barrels of oil, as well as clocked greater than 6 million overseas manhours over its agreement period.
Flemming Gr ønnegaard, Chief Executive Officer, claimed: “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.”
