Global FPSO company Yinson Holdings said it is busy on the bidding front for new contracts in West Africa, South and Latin America and Southeast Asia, while its current FPSO conversion project is on track.
Company chairman Lim Han Weng said the Malaysian company was encouraged by the bidding activity on the heels of the recovery in oil demand.
Earlier this month, Yinson was awarded two pre-FEED contracts by Total Energies for two FPSO projects in Suriname and Angola.
"We have also submitted bids for FPSO projects in Ghana, Malaysia and Brazil and are exploring several other opportunities, especially in West Africa, South and Latin America and Southeast Asia. We look forward to sharing the outcomes of these bids with you," Lim said in Yinson's latest quarterly results.
The company's current conversion project is the FPSO Anna Nery, which Lim said remains on track.
The last drydocking campaign has been completed, and the vessel is now ready for module integration. First modules are planned to be lifted onboard in the coming months.
"Despite the Covid-19 pandemic, delivery of critical long lead equipment to our topside subcontractor and shipyard in China is taking place smoothly as planned," added Lim.
Meanwhile, the company reported revenue in the first quarter ending 31 January 2022 of 992 million ringgit (US$239 million), up 188% on the corresponding preceding quarter, due mainly to a contribution from business activities related to the FPSO Anna Nery.
The company's profit after tax increased by 215% to 145 million ringgit ($35 million) , again due to FPSO Anna Nery contributions, and from FPSO Abigail-Joseph which began its lease in October 2020.
The company included in its quarterly highlights an agreement with Chile-based renewable energy developer Verano Capital to collaborate on renewable energy projects in Chile, Colombia and Peru. The collaboration initially targets to progress a pipeline of over 800MW of utility scale solar projects.
In addition, Yinson's Green Technologies Division (YGT) has showcased a concept model of the Hydroglyder – an electric harbour craft equipped with advanced hydrofoil technology that is able to reduce energy costs by up to 90%.
In early June, YGT co-invested with Singapore’s SMRT Ventures into autonomous vehicle tech startup, Moovita, and YGT also invested in Oyika, a Singapore start-up that aims to accelerate the adoption of electric motorbikes in Southeast Asia.