Malaysian floating production specialist Yinson Holdings aims to raise between 1.1 billion ringgit (US$262 million) and 1.22 billion ringgit ($290.3 million) in a renounceable rights issue.

The issue will come with free detachable warrants to raise an additional up to 850 million ringgit.

"This exercise will improve our net gearing and financial position, the proceeds shall be used to part finance our new FPSO projects and our expansion into the renewables and green technology businesses," said the company.

Yinson was recently awarded two new FPSO projects in Brazil — with Petrobras for the charter, operations and maintenance of FPSO Maria Quiteria, and with Enauta for the provision, operation and maintenance of FPSO Atlanta.

Yinson is also aiming to become a global renewable energy independent power producer.

Stay a step ahead with the Upstream News app
Read high quality news and insight on the oil and gas business and its energy transition on-the-go. The News app offers you more control over your Upstream reading experience than any other platform.