Continental Focus, International Reach

FPSO Adoon Gets Another Four Years in Nigeria

Sunday, June 23, 2019

Addax Petroleum, a subsidiary of China’s Sinopec, secured the use of the FPSO Adoon for another four years. The company entered into a four-year extension contract for the FPSO which is located offshore Nigeria.

The FPSO charter contract is worth $137.5 million for Yinson.

Yinson said in a stock exchange announcement that its indirect wholly-owned subsidiary Adoon Pte Ltd., entered into an addendum with Addax Petroleum Development (Nigeria) Ltd. to further extend the contract for the charter of FPSO Adoon with retrospective effect from Oct 17, 2018 to Oct 16, 2022.

The original contract for the FPSO Adoon was awarded on Oct 17, 2006, for a period of eight years, with an option to renew for up to eight years.

FPSO Adoon achieved 100% uptime throughout 2018 said the company adding that it was, “a perfect streak which has remained unbroken since Q2 2015.”