Yinson Production has secured a USD230 million term loan facility in relation to FPSO Maria Quitéria. The loan facility was structured and arranged by Global Infrastructure Partners (“GIP”), a leading independent infrastructure fund manager with approximately USD100 billion in assets under management.
This 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. 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 Production was awarded the supply, operation, and maintenance of FPSO Maria Quitéria by Petróleo Brasileiro S.A. in 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 is 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.
Commenting on the successful closing of the loan facility, Yinson Production Chief Financial Officer, Mr. Markus Wenker said, “We are very pleased to have completed this transaction and thank GIP and its partners for their trust in us. This transaction showcases the strength of Yinson Production in attracting highly sophisticated capital and its ability to broaden its funding base beyond Asia. We are excited to continue building upon this partnership and further growing our network of lenders and investors globally to pivot to new opportunities in the FPSO market and create value for our shareholders.”
“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. We believe this investment further demonstrates GIP’s ability to provide customised capital solutions to top-tier infrastructure companies globally.”
GIP was joined in funding of the loan by other investors, including Gramercy Funds Management.
