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Singapore-based Yinson Manufacturing has agreed a restricted recourse time period mortgage facility of as much as $1.3bn for the pre- and post-delivery financing of the Agogo FPSO.
The financing is offered by a consortium of 13 lenders, together with worldwide banks and institutional buyers, and can be utilised throughout the building of the FPSO.
The financing includes three pari-passu secured tranches with staggered maturities of as much as 10 years post-delivery of the FPSO. Topic to sure situations, the financing will change into non-recourse post-delivery of the unit.
Yinson Manufacturing entered right into a agency contract for the supply, operation, and upkeep of the Agogo FPSO with Azule Power, a 50/50 three way partnership between BP and Eni, in February 2023.
The contract has a agency operation interval of 15 years, with extra non-obligatory intervals of as much as 5 years and a complete contract worth of as much as roughly $5.7bn.
The Agogo FPSO can have a manufacturing capability of 120,000 barrels of oil per day. As soon as building is accomplished, the unit can be deployed to the Agogo Built-in West Hub Growth Undertaking positioned within the West Hub of Block 15/06 off Angola.
The FPSO is designed with a collection of carbon emission discount applied sciences, together with the first-ever carbon seize expertise onboard an FPSO.
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