Addax extends FPSO Adoon charter from Yinson

We refer to our announcements dated 20 October 2014 and 19 October 2015, both in respect of the extension of contract for the charter of FPSO Adoon between Addax Petroleum Development (Nigeria) Limited (“Addax”) and Adoon Pte. Ltd, an indirect wholly-owned subsidiary of the Company.

Unless otherwise expressly defined in this announcement, terms and expressions used in this announcement shall have the same meaning as ascribed to them in our earlier announcements.

The original contract for the FPSO Adoon was awarded on 17 October 2006, for a firm period of 8 years with option to renew up to 8 years (“Contract”). The Contract expired on 16 October 2014 and was first extended for a year to 16 October 2015 and thereafter for another 3 years to 16 October 2018.

Pending conclusion of ongoing negotiations for a further substantive extension of the tenure of the Contract, Addax has via a letter dated 19 October 2018 extended the Contract on an interim basis up to 16 January 2019 upon the existing terms and conditions.

The extension of Contract on an interim basis is expected to contribute positively to the revenue and earnings of Yinson Group for the financial year ending 31 January 2019.

The Company will make appropriate announcement(s) to Bursa Malaysia Securities Berhad in relation to any material developments concerning the aforesaid extension.

This announcement is dated 22 October 2018.

Source: Yinson

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