Malaysian firm Yinson has secured two letters of intent (LoI) worth about $5.4bn from Petrobras in Brazil for the Marlim revitalisation project in Brazil.

The contracts, which are valid for 25 years from the date of the final acceptance, were secured by Yinson’s indirect fully-owned subsidiary Yinson Production.

Yinson will be responsible for the charter, operations, and maintenance of the floating, production, storage and offloading (FPSO) Marlim 2 vessel for the project.

The charter contract will be signed by the company’s Netherlands-based subsidiary Yinson Boronia Production (YBP), while its Brazilian subsidiary Yinson Boronia Serviços de Operação will enter into the operation and maintenance (O&M) contract. Set to be the company’s first vessel to operate in Brazil waters, FPSO Marlim 2 is one of several bids in the region signed by the group.

Yinson Group CEO Lim Chern Yuan said: “This project further cements Yinson’s position as a global FPSO player, demonstrating the industry’s increasing confidence in our ability to deliver projects on time, and thereafter to maintain our excellent uptime and safety track record.”

Yuan further added that FPSO Marlim 2 would be Yinson’s largest project until now.

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Yinson Production CEO Eirik Barclay said: “The team is excited and ready to demonstrate that we are able to meet the expectations of our client and project partner in realising this project.

“We are committed to giving our very best towards this project in order to contribute to the advancement of the energy industry in Brazil.”

Eirik also noted that much of the groundwork and preparations to ramp up the project have already concluded.

Yinson and Sumitomo announced their plans to partner on the Marlim revitalisation project in March 2019. Sumitomo agreed to participate to win an interest of at least 20% in the event of a successful bid by Yinson. The shareholder agreement with respect to this collaboration is expected to be announced soon.