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Yinson completes refinancing deal for FPSO John Agyekum Kufour

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Oilfield Technology,

Yinson has completed a US$800 million refinancing exercise for FPSO John Agyekum Kufuor (JAK), with the loan successfully drawn down on 14 April.

The project kicked off five months ago in November 2019 when 13 local and international banks, 7 of which are new to Yinson, signed the refinancing agreement. The tenure of the loan is 12 years.

FPSO JAK is a joint venture (JV) project, with a 26% stake being held by a Japanese consortium comprising of Sumitomo Corp., Kawasaki Kisen Kaisha (K Line), JGC Holdings Corp. and Development Bank of Japan.

FPSO JAK is currently operating in OCTP Block, offshore Ghana and is chartered to Eni Ghana Exploration & Production, a wholly-owned subsidiary of Eni.

Yinson Group Chief Strategy Officer, Daniel Bong, said: “It was definitely not the most straightforward process, as movement control is being imposed in many countries due to the Covid-19 situation. However, we collectively managed to overcome this hurdle despite all odds, achieving the objectives of all parties. I would like to personally thank our client, our joint venture partners and the banking group for their unwavering support shown for this transaction, and I look forward to continued collaboration in future projects.”

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