Yinson Acquires Atlanta FPSO. First Oil in Mid-2024

Credit: Yinson
Credit: Yinson

Malaysian FPSO leasing firm Yinson Production has acquired the Atlanta FPSO, a floating, production, storage, and offloading vessel that will serve as a production unit at Enauta's Atlanta field in Brazil.

Yinson acquired the FPSO through the acquisition of AFPS B.V., the platform owner company.

Back in February 2022, Brazilian oil firm Enauta bought the FPSO OSX-2 for the Definitive System of the Atlanta Field in Brazil for $80 million.

A couple of months prior, Enauta issued Yinson an LOI for the adaptation of FPSO OSX-2 by Yinson through a turnkey engineering, procurement, construction, and installation contract (“EPCI”), with warranty and Operation and Maintenance (“O&M”) for 24 months.

It was said at the time that the FPSO acquisition and adaptation cost would be at around  $500 million, and that Yinson would, before the startup of production from the FPSO, have the option to purchase the unit linked to financing. If the option was exercised, it would be linked to charter, operation, and maintenance contracts for a period of 15 years, which may be extended for another five years, totaling US$2.0 billion for the 20 years. 

In May 2022, UAE-based shipbuilder Drydocks World signed a contract with Yinson to upgrade, refurbish, and convert the OSX-2 FPSO into what is today called the Atlanta FPSO.

Enauta: Important Milestone for Atlanta Field

In a statement on Tuesday, announcing that Yinson acquired the FPSO, Enauta said:"Yinson’s acquisition of FPSO Atlanta reflects a value of US$ 465 million for AFPS B.V., of which US$ 86 million are paid in cash and EPCI deferred payments and US$ 379 million in 15-year financing granted to Yinson."

"The closing of this transaction is an important milestone in de-risking the full development of the Atlanta Field, confirming the near completion stage of FPSO Atlanta, in-line with its schedule and budget. Additionally, the option exercise implies a reduction in Enauta's net investment in the platform through completion of approximately US$ 100 million," Enauta said.

Atlanta’s Field Phase 1 production is expected to start in mid-2024 with six production wells. FPSO Atlanta has the capacity to process 50,000 barrels of oil and 140,000 barrels of water per day, and to stock 1.6 million barrels of oil.

Enauta normally produces oil from the Atlanta field offshore Brazil using the early production system the Petrojarl I FPSO. The Petrojalr I FPSO has a production capacity of 30,000 barrels of oil per day and a storage capacity of 180,000.

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