Singapore-Based Yinson Production Successfully Places $1.168bn in Senior Secured Notes for FPSO Maria Quitéria

Singapore-based floater owner and operator Yinson Production has recently announced a successful placement of $1.168 billion in senior secured notes issued by Yinson Bergenia Production, the owner of the FPSO Maria Quitéria. This FPSO is currently operating under a 22.5-year lease and operate contract with Petrobras in the Jubarte field, offshore Brazil.

The FPSO Maria Quitéria is strategically located at a water depth of 1,385 meters and boasts a remarkable capacity of 100,000 barrels of oil per day, with the capability to process up to 5 million cubic meters of gas.

The newly issued notes are fully amortising with a final maturity of 19.6 years and were priced at a fixed coupon rate of 8.498%, payable semi-annually. The proceeds from this placement will be utilized to refinance the existing outstanding debt associated with the FPSO, establish reserve accounts as mandated under the new bond issue, cover transaction-related fees and expenses, and provide distributions to Yinson Production.

Settlement for the notes is anticipated to occur on July 7, 2025, following which they will be listed on the London Stock Exchange’s International Securities Market.

Markus Wenker, the CFO of Yinson Production, expressed his satisfaction with the successful placement, stating, “The successful placement of this project bond […] sets a new benchmark in the industry, being the largest and longest-dated FPSO project bond ever issued.”