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First E&P Signs FPSO Deal with Yinson

First Exploration and Production Development has agreed to a contract with Yinson Holdings to operate an FPSO for the Anayala and Madu oil discoveries offshore Nigeria. The fields are in oil mining leases 83 and 85 in the shallow-water Niger Delta.

The primary term of the FPSO charter is for seven years. First E&P has options to extend the deal. The charter is valued at $617 million, and a separate contract for operation and maintenance of the FPSO will bring in an additional $284.7 million, bringing the total value of the two contracts to $901.7 million.

The FPSO is expected to start operations at the fields by 4Q 2019.


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