Skip to main content

Yinson completes refinancing deal for FPSO John Agyekum Kufour

Published by
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.”

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/20042020/yinson-completes-refinancing-deal-for-fpso-john-agyekum-kufour/

You might also like

Major milestone in Northern Endeavour decommissioning contract

Petrofac has officially taken over operatorship of the Northern Endeavour FPSO facility on behalf of the Australian Government. This major milestone is a huge step in the landmark decommissioning contract which heralds the start of an era of decommissioning in the nation’s offshore oil and gas sector.

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Upstream news Offshore news Oil & gas news