Yinson Production Set to Secure $1.17 Billion Bond Issue for FPSO Unit

Malaysia’s Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson, is on the verge of finalizing a $1.17 billion bond issue for a floating, production, storage, and offloading (FPSO) unit operating in the pre-salt Campos Basin off the coast of Brazil.

The settlement and closing of this significant bond issue are scheduled for July 7, 2025, aimed at refinancing the FPSO Maria Quitéria chartered to Petrobras for operations at the Jubarte field since October 2024.

The FPSO unit, standing at 156 meters tall and 333 meters long, has the capacity to produce 100,000 barrels of oil per day and process up to 5 million cubic meters of gas. It operates in the Jubarte field, which is part of the Parque das Baleias integrated project, alongside other fields like Baleia Anã, Cachalote, Caxaréu, Pirambú, and Mangangá.

Yinson Bergenia Production, a subsidiary of Yinson, owns the FPSO unit under a 22.5-year fixed-rate charter worth approximately $5 billion. Global financial giants like Citigroup, JP Morgan, HSBC, ING, Santander, and Standard Chartered Bank are involved in the bond issuance process.

The upcoming $1.2 billion senior secured notes are expected to have a final maturity of 19.6 years, mirroring a previous bond issuance by Yinson Boronia Production for the FPSO Anna Nery in Brazil. Yinson Production recently raised $1 billion through equity, with plans to potentially increase the amount to $1.5 billion by issuing additional redeemable convertible preferred shares within 24 months.

With an order book of $19 billion until 2048, Yinson’s fleet comprises ten floating units. The company is actively engaged in developing sustainable FPSO designs, with a focus on decarbonization through initiatives like the Zero Emissions FPSO concept.