Yinson Holdings has completed a contract novation agreement making it the main contractor at JX Nippon's Layang oil and gas development off Sarawak.
The agreement means Yinson replaces TH Heavy Engineering as the supplier of the Layang floating production, storage and offloading vessel.
The contract transfer was necessary due to TH’s financial problems.
The aggregate value of the charter contract to Yinson, including all extension options, will be roughly US$860 million.
