Malaysia’s Yinson and Japan’s Sumitomo are planning to establish a joint venture firm for a supply of an FPSO for an offshore field in Brazil.
The two companies, which in April 2018 entered into a memorandum of understanding to jointly pursue and collaborate in the leasing and operation of FPSOs, have now entered into a letter of agreement.
The agreement documents the intention of Yinson and Sumitomo to participate in a potential joint venture for the provision of an FPSO unit for the Marlim field in Brazil.
“The LOA confirmed Sumitomo’s intention to participate in the Project Marlim with an effective interest of at least 20 per cent in the event of a successful bid by Yinson,” Yinson said. The Letter of Agreement was signed in February.
The two firms’ MoU from last year stipulates that Yinson will oversee and conduct the overall FPSO project implementation, while Sumitomo will be responsible for seeking competitive logistics and financing for any selected projects.