Yinson unit signs

KUALA LUMPUR: Yinson Holdings Bhd has completed the signing of a facility agreement with Oversea-Chinese Banking Corp Ltd, Singapore (OCBC) and United Overseas Bank Ltd, Singapore (UOB) for a senior secured loan facility totalling up to US$300 million (RM918.61 million).

The agreement was entered through its 49 per cent-owned joint venture company in Singapore, PTSC Asia Pacific Pte Ltd (PTSC AP), said Yinson in a statement today.

It said the proposed facility is to finance the conversion of floating production storage and offloading system (FPSO).

In June, PTSC AP secured the engineering, procurement, construction and installation (EPCI) and bareboat charter contract worth RM2.21 billion for the provision and charter of the FPSO facility.

Upon delivery of the FPSO, Yinson said the vessel would be onward chartered to Lam Som Joint Operating Co.

Going forward, Yinson Group Chairman and Managing Director, Lim Han Weng said the FPSO would extend the company's offerings in the marine transport segment as well as provide positive contribution the group's earnings. -- BERNAMA