Firm eyes up to 6 FPSO jobs

KUALA LUMPUR: Yinson Holdings Bhd will be tendering for up to six projects for the financial year ending January 31 2018, in efforts to solidify its position as a full-fledged floating production storage and offloading (FPSO) player.

Group chief executive officer Lim Chern Yuan said it was eyeing FPSO projects in Africa and Asia, including Vietnam.

Recently, Yinson secured a RM4.4 billion 10-year contract from Talisman Vietnam BV for the supply, operation and maintenance of an FPSO for Ca Rong Do field development, offshore Vietnam.

Yinson’s order book currently stands at US$3.7 billion (RM15.9 billion), which will help sustain the business for 20 years.

The syariah-compliant company aims to fortify itself to withstand headwinds in the oil and gas industry.

“We are optimistic that the group will remain profitable in the next financial year. The group has put in place reasonable measures to mitigate foreseeable business risks for the coming year,” said Lim in Yinson’s annual report.

Yinson registered a lower net profit of RM196.76 million in the financial year ended January 31 2017, compared with RM215.82 million previously, due to soft oil prices.

Revenue was up 28 per cent to RM543.3 million in the year under review, mainly attributable to additional marine services.