COVID-19: Aker Energy Terminates Yinson’s Ghana Deal

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A Malaysian FPSO contractor, Yinson Holdings said Aker Energy Ghana Ltd has terminated the letter of intent for the proposed award of contracts to operate a floating production, storage and offloading (FPSO) vessel at the Deepwater Tano Cape Three Points contract area, offshore of Ghana due to the COVID-19 pandemic.

Yinson Holdings in a statement said its subsidiaries received a notice from Aker Energy Ghana Ltd of its decision to terminate the letter of intent for the proposed award of contracts to operate a floating production, storage and offloading vessel at the site.

“The termination is due to the decision made by Aker Energy to postpone the activities under the DWT/CTP Petroleum Agreement and the development of the project until further notice amidst the COVID-19 pandemic,” it said.

However, Yinson preserves its right under the letter of intent for compensation due arising from the termination.

The group hinted that the termination will have no material effect on its earnings and net asset per share for the financial year ending Jan 31, 2021.

Trading in Yinson’s shares was halted in the first of hour of trading today, due to the announcement.

Peace Obi


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