Market Brief

Yinson Extends FPSO Contract with Addax in Nigeria, an Industrial Info Market Brief

Malaysian floating production, storage and offloading (FPSO) vessel provider Yinson entered a four-year contract for its FPSO Adoon with Addax Petroleum Development in Nigeria. The vessel won its first contract with Addax in October 2006. After the original contract expired on October 16, 2014, it was extended for another year. After that, the contract was extended for another three years to October 16, 2018. Upon the October 2018 expiration, Addax extended the charter until January 2019, then until April 16, followed by another extension till May 16, and, most recently, until June 16, before deciding to extend to October 2022. Industrial Info is tracking 46 FPSO projects in Africa for oil and gas offshore production and see graph below for investment by country.

Released Thursday, June 20, 2019