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Aker Energy cancels FPSO contract with Yinson

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Oilfield Technology,

Yinson Holdings has received a notice from Aker Energy of its decision to terminate the letter of intent (LOI) issued on 20 February 2020 for the proposed award of contracts to charter, operate and maintain an FPSO for the deepwater Tano/Cape Three Points (DWT/CTP) project, offshore Ghana, with immediate effect.

The termination is due to the decision made by Aker Energy to postpone the activities under the DWT/CTP Petroleum Agreement and the development of the project until further notice amidst the Covid-19 pandemic.

YHB Group will preserves its right under the LOI for compensation due arising from the termination.

The aforesaid termination will not have any effect on the share capital and shareholding structure of the company. There is expected to be no material effect on YHB Group’s earnings and net asset per share for the financial year ending 31 January 2021.

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