Yinson Production, an energy infrastructure and technology company, has finalized a $1.3 billion limited recourse term loan facility for the construction of the Agogo FPSO in Angola.
The financing, backed by a consortium of 13 lenders, encompasses both pre- and post-delivery expenses for the facility, with Standard Chartered Bank acting as the Global Coordinating Bank.
Structured into three secured tranches with staggered maturities spanning up to 10 years, the multi-tranche financing will support the complete development of the FPSO.
Set to be deployed at the Agogo Integrated West Hub Development Project in Block 15/06 offshore Angola, the FPSO is designed to produce up to 120,000 barrels per day.
Markus Wenker, CFO of Yinson Production, emphasized that this transaction marks the company’s largest financing endeavor to date.
Moreover, the innovative multi-tranche structure enhances financing efficiency while broadening the funding base by integrating various lender groups into a single transaction.
Yinson Production secured the contract for the provision, operation, and maintenance of the Agogo FPSO in 2023.
The contract spans 15 years with the option for additional periods of up to five years, underscoring the company’s long-term commitment to the project.
