Aker Energy Ghana Limited (Aker Energy) has entered into a Letter of Intent (LOI) with Yinson Holdings Berhad (“Yinson”) to award a bare-boat charter and an operations and maintenance contract for a floating, production, storage and offloading (FPSO) vessel at the Pecan field, offshore Ghana.

“We are continuing with our preparations for the Pecan project and awarding an LOI for the future contracts for the FPSO vessel is certainly a key milestone,” says Mr. Svein Jakob Liknes, CEO of Aker Energy. “As one of the world’s leading FPSO providers, we have a strong belief in Yinson’s ability to deliver on time, at the required quality, and to the highest safety standard.”

The LOI follows a competitive tender and demonstrates Aker Energy’s intention to award the forthcoming bare-boat charter and operations and maintenance contract for the FPSO for the planned development of the Pecan field in the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana. The contracts will have a firm duration of ten years followed by five yearly extension options exercisable by Aker Energy as operator on behalf of the license partners Lukoil, Fueltrade and Ghana National Petroleum Corporation (GNPC).

Once developed and installed, the FPSO will be located over and connect to the state-of-the-art subsea production system located at approximately 2,400 meters below sea level. Together, this will form the fourth installation to produce oil and gas resources offshore Ghana. The FPSO will be Yinson’s second vessel to operate in Ghanaian waters, with the first being FPSO John Agyekum Kufuor, operating for ENI since 2017.

“We look forward to partner with Yinson to make the Pecan project a reality – to the mutual benefit of the people of Ghana, Aker Energy and our partners. Once in operation, the project will bring significant revenues to the country as well as direct and indirect job opportunities for indigenous companies and individuals,” says Mrs. Kadijah Amoah, Country Director of Aker Energy in Ghana.

About Aker Energy

Aker Energy Ghana Ltd., a subsidiary of Norwegian-based oil exploration and production firm, Aker Energy AS, is the operator of the Deepwater Tano Cape Three Points (DWT/CTP) Petroleum Agreement, with a 50 per cent participating interest in the DWT/CTP Petroleum Agreement. Aker Energy aims to become the oil and gas operator of choice offshore Ghana, by maturing and producing resources in a safe, efficient and reliable manner to the benefit of the company, partners and the people of Ghana. Aker Energy has offices in Oslo, Norway and Accra, Ghana.

About Yinson Holdings Berhad

Yinson Holdings Berhad is one of the world’s leading Floating, Production, Storage and Offloading (“FPSO”) facilities and services providers, listed on the Main Market of Bursa Malaysia Securities Berhad.
Yinson was established in 1983 as a transport agency in Johor Bahru which eventually grew to become one of Malaysia’s biggest transport companies.
In 2011, the Group began its venture into the oil and gas industry by winning its first Floating, Storage and Offloading (“FSO”) contract through its joint venture company with PetroVietnam Technical Services Corporation.
In 2014, Yinson strengthened its core business through the acquisition of Fred. Olsen Production ASA.
With the acquisition, Yinson inherited a strong and experienced team as well as a further 3 FPSOs and 1 mobile offshore production unit management contract.
In 2016, the Group streamlined the business transformed into a full-fledged FPSO operator through the divestment of its non-oil & gas business segments. Growing from strength to strength, Yinson is currently the 6th largest independent FPSO leasing company in the global FPSO market, with a wide geographical presence in 10 countries.