Malaysian FPSO leasing company Yinson Production said Monday it had secured a $230 million term loan facility in relation to FPSO Maria Quitéria Yinson is delivering for Petrobras in Brazil.
The loan facility was structured and arranged by Global Infrastructure Partners (“GIP”), an independent infrastructure fund manager with approximately USD100 billion in assets under management.
The loan facility marks the first transaction between Yinson Production and GIP and is GIP’s first financing of a floating, production, storage, and offloading (“FPSO”) vessel. GIP was joined in funding of the loan by other investors, including Gramercy Funds Management.
"The transaction demonstrates the attractiveness and robust investment outlook of the FPSO industry within the global energy infrastructure market, as well as Yinson Production as a leading independent owner and operator of FPSOs worldwide," Yinson said.
Yinson Production was awarded the supply, operation, and maintenance of FPSO Maria Quitéria by the Brazilian oil company Petrobras February 2022.
The FPSO is destined for the Jubarte field as part of the Parque das Baleias Integrated Project offshore Brazil. The construction of the FPSO was nearing 70% completion as of June 2023, which is in line with the project schedule, and the FPSO is on track to achieve first oil in the second half of 2024.
“We are proud to partner with Yinson Production in connection with this financing for FPSO Maria Quitéria,” said GIP Credit Managing Director, Jon Plavnick. “This transaction highlights GIP Credit’s ability to provide a reliable and flexible capital solution for FPSO Maria Quitéria during both its conversion process in Shanghai and its eventual time charter operations in Brazil."