Malaysia-based investment holding company Yinson Holdings Berhad has secured clearance for a proposed joint venture with Four Vanguard Servicos E Navegacao LDA (FVSN), an indirect wholly-owned subsidiary of Premuda S.P.A.
The joint venture company is aimed at acquiring a vessel owned by FVSN, which will then be used in bidding for Floating Production Storage and Offloading (FPSO) projects to be leased to potential charterers.
The vessel in question is double hull Aframax Four Rainbow (ex-Four Vanguard), which was converted into FPSO in 2003, featuring a storage capacity of 604,000 bbls.
“The Board of Directors of Yinson Holdings Berhad wishes to announce that YHL and FVSN have on 28 September 2015, agreed that all the conditions precedent to the Joint Venture Deed (JVD) dated 30 July 2015 have been fulfilled and/or waived,” Yinson said in a filing on Tuesday.
As announced in July, upon completion of the JVD, the newly established joint venture will enter into a Memorandum of Agreement for the purchase of the FPSO from FVSN at a purchase consideration EUR 60 million.
Under the deal, YHL will hold a 51 percent stake in the joint venture.
World Maritime News Staff