Singapore-based Yinson Manufacturing has agreed a restricted recourse time period mortgage facility of as much as $1.3bn for the pre- and post-delivery financing of the Agogo FPSO.
The financing is supplied by a consortium of 13 lenders, together with worldwide banks and institutional buyers, and might be utilised through the development of the FPSO.
The financing includes three pari-passu secured tranches with staggered maturities of as much as 10 years post-delivery of the FPSO. Topic to sure situations, the financing will change into non-recourse post-delivery of the unit.
Yinson Manufacturing entered right into a agency contract for the availability, operation, and upkeep of the Agogo FPSO with Azule Vitality, a 50/50 three way partnership between BP and Eni, in February 2023.
The contract has a agency operation interval of 15 years, with extra non-obligatory intervals of as much as 5 years and a complete contract worth of as much as roughly $5.7bn.
The Agogo FPSO could have a manufacturing capability of 120,000 barrels of oil per day. As soon as development is accomplished, the unit might be deployed to the Agogo Built-in West Hub Growth Venture positioned within the West Hub of Block 15/06 off Angola.
The FPSO is designed with a set of carbon emission discount applied sciences, together with the first-ever carbon seize expertise onboard an FPSO.