Eni Hires Yinson FPSO for OCTP Project

Eni Ghana has awarded Yinson’s West African subsidiaries a contract for chartering, operation and maintenance of an FPSO vessel for the Offshore Cape Three Points Block (OCTP) project.

The contract was signed on 27th January 2015 with immediate effect. The OCTP is located in the Tano Basin approximately 60 km off the coast of Ghana.

For the OCTP project, Yinson will convert an oil tanker “Yinson Genesis” into an FPSO, formerly known as “Ulriken”, purchased from Golden State Petro in October 2014.

Eni will charter the FPSO for 15 years with 5-yearly extension options. The estimated aggregate value of the contract during the firm charter period is approximately USD 2.5 billion.

If Eni exercises all 5-yearly extension options, estimated total aggregate value of the contract will go up to USD 3.2 billion, Yinson informed.

The FPSO is expected to start operations in the OCTP block in 2017.