• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

First E&P seals $901m deal with Malaysian firm, Yinson

Fakoyejo Olalekan by Fakoyejo Olalekan
March 4, 2019
in Business News, Company News, Corporate deals
First E&P seals $901m deal with Malaysian firm, Yinson
Share on FacebookShare on TwitterShare on Linkedin

Yinson, Malaysian floating production, storage and offloading (FPSO) operator has entered into a multi-millionaire deal for an FPSO vessel to be deployed offshore Nigeria.

The Malaysian firm agreed to the deal via its wholly-owned subsidiary, Yinson Nepeta Production Limited (YNPL) and indirect subsidiary Yinson Operations and Production West Africa Limited (YOPWAL).

Yinson and Nigerian oil and gas company, First Exploration & Petroleum Development Company Limited (First E&P) sealed the $901.79 million deal to execute the contract which is viewed as a strategic decision for a cost-effective solution.

RelatedStories

ExxonMobil

ExxonMobil to cut back operations in Nigeria as oil firm moves to smaller office in Lagos  

May 30, 2024
FG opens bids for second phase of $500m World Bank-funded metering program

Security, Niger Delta development, key focus areas for oil production increase – Olu Verheijen 

October 23, 2023

Breakdown of the contract

According to Offshore Engineer (OE), the estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised, comprising the bareboat charter contract of $617.09 million (N189.35 billion).

Also, in the deal include the Operation and Maintenance (O&M) contract of $284.7 million (N87.36 billion). The FPSO is expected to commence operations at the Anyala and Madu fields by the fourth quarter of 2019.

Yinson’s reaction to deal

Lim Chern Yuan, the Group Chief Executive Officer of Yinson, said the group would be redeploying one of its existing vessels, FPSO Allan, to Anyala & Madu, and the vessel would be renamed FPSO Abigail-Joseph.

According to reports, FPSO Allan ceased operations on January 31, after a tenure of nearly 10 years at the Olowi Field in Gabon.

“The redeployment of FPSO Allan is a strategic decision that has enabled us to bring forward the project schedule and at the same time delivering a more cost-effective solution for our client,” the Yinson CEO said.

About First E&P

First Exploration & Petroleum Development Company Limited (FIRST E&P) is a Nigerian oil and gas company that was established in 2011. It started formal business operations on the 1st of July, 2012. FIRST E&P’s mission is to be a deeply technical, commercial and entrepreneurial organisation, with full delivery capability across the entire upstream oil and gas value chain.

About Yinson

Yinson Holdings Berhad, an investment holding company, operates as a floating, production, storage, and offloading (FPSO) service provider. The company operates through Offshore & Marine and Other Operations segments. It provides vessels and marine related services. The company engages in the ownership and operation of ships; trading, leasing, and sub-leasing of vessels on bareboat and time charter basis; provision of consulting services relating to ship management; provision of FPSO vessels for chartering and service activities incidental to oil and gas extraction; and shipping and vessel chartering activities.


Follow us for Breaking News and Market Intelligence.
Tags: First E&PYinson
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

Related Posts

ExxonMobil
Energy

ExxonMobil to cut back operations in Nigeria as oil firm moves to smaller office in Lagos  

May 30, 2024
FG opens bids for second phase of $500m World Bank-funded metering program
Energy

Security, Niger Delta development, key focus areas for oil production increase – Olu Verheijen 

October 23, 2023
Next Post
CBN's Standing Deposit Facility, Banks' loans to Oil and Gas, Power, other sectors drop by N411.8 billion , CBN confirms N500 and N1000 as two most counterfeited banknotes in Nigeria  

Is CBN Governor Godwin Emefiele In or Out ?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 
  • Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 
  • Dangote Refinery to begin distribution of petrol, diesel with free logistics nationwide

Follow us on social media:

Recent News

NUPENG threatens nationwide strike over violent attack on workers in Kaduna

E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 

June 15, 2025
Billionaire and Oracle co-founder, Larry Ellison

Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 

June 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics