Investment Agreement: Yinson Production, via its UK-based holding company, Yinson Production Offshore Holdings Limited, secured a USD 1 billion investment from a consortium comprising:
Platinum Lily B 2024 RSC Limited (a subsidiary of Abu Dhabi Investment Authority – ADIA)
British Columbia Investment Management Corporation (BCI)
RRJ Group
Key Features of the Deal:
Issuance of redeemable convertible preferred shares (RCPS) and 10% warrants.
Post-money valuation of Yinson Production at USD 3.7 billion.
Option to raise an additional USD 500 million in RCPS within 24 months.
Purpose of Funds: Yinson Production’s growth
USD 800 million for Yinson Production’s growth in the FPSO (Floating Production Storage and Offloading) market.
USD 200 million to be distributed to Yinson Holdings Berhad’s controlling shareholder.
Closing Timeline:
The transaction is expected to close in Q1 2025, subject to customary regulatory and shareholder approvals.
Advisors: UBS AG (Singapore Branch) acted as financial advisor, and A&O Shearman as legal advisor.
CEO Statement: Flemming Grønnegaard, CEO of Yinson Production, expressed excitement about the partnership, highlighting its importance as a major structured equity transaction in Southeast Asia and its role in strengthening Yinson’s market position and growth prospects.