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Yinson Bags $5.3B Deal for its First FPSO Project in Angola

Maritime Activity Reports, Inc.

February 28, 2023

Illustration only - ©Ranimiro/AdobeStock

Illustration only - ©Ranimiro/AdobeStock

Malaysian company Yinson has secured a firm contract to provide and maintain an FPSO for Azule Energy, a BP-Eni joint venture, in Angola.

The contract, awarded by Eni Angola, is for the provision of the FPSO for the  Agogo Integrated West Hub Development Project in Angola (“FPSO Agogo”).

According to Yinson, the contract is worth about $5.3 billion in total and has a firm period of 15 years from the date of the final FPSO's acceptance. Azule Energy will have the option to extend for another five years. 

The FPSO Agogo is expected to start operations in the fourth quarter of 2025. 

The FPSO Agogo will be Yinson's eighth FPSO project in the West African region and its first offshore production project in Angola. The contract increases Yinson's total orderbook to around $22.4 billion.

Subsea 7's subsea pipelines and cables

Following Yinson's announcement, offshore installation firm Subsea 7 announced it had secured a large contract with Azule Energy to deliver and install about 98 kilometers of flexible pipes, 30 kilometers of umbilical, and associated subsea structures in water depths of around 1,700 m.

Subsea 7 defines a large contract as between USD 300 million and USD 500 million.

Fabrication will take place at the Sonamet yard in Lobito. Offshore operations are planned between Q4 2024 and Q4 2025.

Aker Solutions' Umbilicals

The Norwegian offshore engineering and construction firm Aker Solutions said Tuesday it had scored a sizeable contract by Eni Angola, to provide the dynamic and static subsea umbilicals for the Agogo field development.

The contract includes the engineering, manufacturing and delivery of a complete umbilical system totaling about 36 kilometers of both dynamic and static subsea production control umbilicals including spares, as well as ancillary equipment and services. The umbilicals will be manufactured at Aker Solutions´site in Moss, Norway. The work starts up immediately and is planned to be delivered in the 2nd quarter of 2024.

Aker Solutions defines a sizeable contract as between NOK 0.5 billion (currently around $48,3 million) and NOK 1.5 billion (currently around $145 million).

Baker Hughes' subsea equipment

Oilfield services giant Baker Hughes said Tuesday it had scored a "major" contract to provide subsea equipment and services for the Agogo offshore oilfield.  

For Baker Hughes, the scope of work includes 23 standard subsea trees, 11 Aptara manifolds, SemStar5 fiber optic controls, and the related system scope of supply. Baker Hughes will also provide services and aftermarket support for the Agogo integrated west hub subsea production system. Read more here.

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