Yinson to acquire Fred. Olsen Production

In June 2013, Malaysia's Yinson Holdings Berhad made a conditional offer to acquire Norway's Fred. Olsen Production ASA ("FOP") for NOK995.74 million (US$172.1 million), or NOK 9.40/share that was approved by the FOP board.

On 4 July 2013, Yinson offered to purchase all outstanding shares of FOP until 2 September 2013.  As of 20 August,  FOP announced that Yinson had acquired 102,215,928 shares, equalling 96.5% of outstanding shares and votes in FOP.  The acquisition has also received regulatory approval from the Central Bank of Malaysia.

Yinson Production Ltd. expects that the remaining conditions of its offer will be met or waived by 5 Sept 2013, but the "drop-dead date" to complete the conditions is 29 November 2013.

FOP owns and operates three floating production, storage, and offloading (FPSO) units, one production jackup (MOPU), and one Aframax tanker.

• FPSO Knock Adoon and the Marc Lorenceau jackup are both working for Addax Petroleum off Port Harcourt, Nigeria; the FPSO is contracted through mid-2014 with 8 years of options.
• FPSO Petroleo Nautipa is working under contract to Vaalco off Gabon until Q3 2020, with potential extensions through 2022.
• FPSO Knock Allan is working for Canadian Natural Resources off Gabon through mid-2019.

Yinson is a public limited liability company involved in integrated offshore support services. Yinson is incorporated in Malaysia and listed on the main market of Bursa Malysia Securities Berhad. www.yinson.com.my