Malaysian FPSO service provider Yinson Holdings Berhad signed a long-term memorandum of understanding with Sumitomo Corporation to jointly pursue FPSO and FSU opportunities including those related to LNG projects.
Under the terms of the MoU, Yinson shall oversee and conduct the overall project implementation while Sumitomo’s efforts will be directed towards securing logistics and financing for any selected projects.
Yinson and Sumitomo will also discuss potential collaboration in the field of energy infrastructure business, including liquified natural gas (LNG) related projects such as LNG regasification for the power industry, and other similar offshore energy infrastructure opportunities.
The MoU will be valid for a period of 10 years with an option to be extended for additional period jointly agreed by the two companies.
With the MoU, both Yinson targets participation in larger FPSO and FSU projects while leveraging Sumitomo’s global business network.