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.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/01042020/aker-energy-cancels-fpso-contract-with-yinson/