SINGAPORE: Offshore production and support services provider Yinson Holdings Bhd is expected to generate earnings from its converted floating, production, storage and offloading (FPSO) vessel by the third quarter of 2017.Formerly known as FPSO Genesis, the renamed FPSO John Agyekum Kufuor was converted from an existing double-hull trading tanker to a 17-topside module FPSO.Speaking after the naming ceremony at Keppel Shipyard on Friday, Yinson executive group chairman Lim Han Weng said on Friday the FPSO is expected to depart to Ghana, Africa, by month's end. "According to the contract, we were supposed to draw first oil in August. "However, seeing that FPSO John Agyekum Kufuor was delivered on time and within budget, the earnings from this vessel may be reflected as early as end of the fiscal year's second quarter," said Lim.Recall that in January 2015, Yinson procured a 15 year-contract worth US$3.26bil (RM12bil) for the chartering, operation and maintenance of an FPSO vessel by Eni Ghana Exploration & Production Limited.The contract has five yearly extension options.

Source: The Star February 03, 2017 08:15 UTC