Yinson Production closes $1.3bn financing for Agogo FPSO – Splash247

Singapore-based Yinson Production has agreed a limited recourse term loan facility of up to $1.3bn for the pre- and post-delivery financing of the Agogo FPSO.

The financing is provided by a consortium of 13 lenders, including international banks and institutional investors, and will be utilised during the construction of the FPSO.

The financing comprises three pari-passu secured tranches with staggered maturities of up to 10 years post-delivery of the FPSO. Subject to certain conditions, the financing will become non-recourse post-delivery of the unit.

Yinson Production entered into a firm contract for the provision, operation, and maintenance of the Agogo FPSO with Azule Energy, a 50/50 joint venture between BP and Eni, in February 2023.

The contract has a firm operation period of 15 years, with additional optional periods of up to five years and a total contract value of up to approximately $5.7bn.

The Agogo FPSO will have a production capacity of 120,000 barrels of oil per day. Once construction is completed, the unit will be deployed to the Agogo Integrated West Hub Development Project located in the West Hub of Block 15/06 off Angola.

The FPSO is designed with a suite of carbon emission reduction technologies, including the first-ever carbon capture technology onboard an FPSO.