Yinson Production secures USD 1bn investment from consortium of international investment firms to drive further growth
SINGAPORE, LONDON, UNITED KINGDOM, January 14, 2025 /EINPresswire.com/ --
- Yinson Production has entered into a definitive agreement with a consortium of global investment firms to raise pre-IPO growth capital of USD 1 billion of redeemable convertible preferred shares and 10% warrants, with the option to upsize to USD 1.5 billion within 24 months.
- The proceeds are intended to be used to support Yinson Production’s further growth and for a distribution of USD 200 million to the controlling shareholder.
- The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.
Yinson Production, through the newly established, UK-based holding company Yinson Production Offshore Holdings Limited (the “Issuer”), has entered into a definitive agreement with a consortium comprising Platinum Lily B 2024 RSC Limited (“Platinum”), a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”)”, and funds managed by British Columbia Investment Management Corporation (“BCI”), and RRJ Group (“RRJ”; together with ADIA and BCI, the “Investors”, and, individually, an “Investor”) to issue USD 1 billion in redeemable convertible preferred shares (the “RCPS”) and 10% warrants at a post money valuation of USD 3.7 billion. The agreement provides the option to issue additional RCPS of up to USD 500 million within 24 months from closing, subject to agreement.
The proceeds from the transaction will primarily support Yinson Production’s further growth, whilst USD 200 million will be used for distribution to the controlling shareholder, a wholly owned subsidiary of Yinson Holdings Berhad.
“We are delighted to welcome ADIA, BCI and RRJ as new investors in Yinson Production,” said Flemming Grønnegaard, Chief Executive Officer of Yinson Production. “This is one of the largest structured equity transactions in Southeast Asia and the first platform-level equity raise by Yinson Production. It builds upon Yinson Production’s proven track record of delivering value accretive growth through our integrated platform. The growth capital will further strengthen our leading market position and enables us to seize opportunities in a robust FPSO market environment.”
The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions, including regulatory approvals and approval of the shareholders of Yinson Holdings. UBS AG, Singapore Branch acted as financial advisor and A&O Shearman acted as legal advisor to Yinson Production in connection with this transaction.
About Yinson Production
“Passionately delivering powerful solutions”
Yinson Production is a leading independent owner and operator of floating storage, production and offloading (“FPSO”) vessels worldwide. With a current fleet of 10 vessels, Yinson Production has an orderbook of more than USD 22 billion until 2048 and global presence in 10 countries. Yinson Production’s position as a top tier FPSO contractor is driven by its excellent track record in project execution, industry-leading safety and uptime performance, and a leadership position in sustainable FPSO designs. Our innovative Zero Emissions FPSO Concept is paving the way for the decarbonisation of the FPSO industry.
We are a business of Yinson Holdings Berhad, a global energy infrastructure and technology company active in offshore energy with Yinson Production, renewable energy with Yinson Renewables, green technologies with Yinson GreenTech, sustainable investment and asset management with Farosson, and offshore marine with Regulus Offshore.
For more information about us, please visit: www.yinson-production.com
About ADIA
Platinum was incorporated on 1 February 2024 as a limited liability company under the laws of the Abu Dhabi Global Market (“ADGM”) and is ultimately wholly owned by ADIA. The principal activity of Platinum is investing into private equity assets. Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
For more information about ADIA, please visit: www.adia.ae.
About BCI
BCI is amongst the largest institutional investors in Canada with CAD 250.4 billion in gross assets under management, as of 31 March 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York City, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional clients.
With a global outlook, BCI integrates ESG factors into investment decisions and activities that convert savings into productive capital to meet clients’ risk and return requirements over time. Founded in 1999, BCI is a statutory corporation created by the Public Sector Pension Plans Act.
For more information about BCI, please visit: www.bci.ca
About RRJ
Founded in 2011, RRJ is an Asian-based private equity group with over USD 25 billion of long-term capital under management. Its founders are Richard Ong and Charles Ong. Richard Ong was the Head of Investment Banking Asia, Ex-Japan of Goldman Sachs, and Charles Ong was Senior Managing Director at Temasek Holdings Limited. RRJ has a strategic focus in key industries, including energy, transportation, logistics, financial services, and healthcare, and a long history of working seamlessly across geographic regions, with portfolio companies diversified across Asia Pacific, Europe, and the USA.
For more information about RRJ, please visit: www.rrjcap.com.
For further information, please contact:
Media:
Vladimir Guevarra
Head of Communications
vladimir.guevarra@yinson.com
Investor Relations:
- Yinson Production has entered into a definitive agreement with a consortium of global investment firms to raise pre-IPO growth capital of USD 1 billion of redeemable convertible preferred shares and 10% warrants, with the option to upsize to USD 1.5 billion within 24 months.
- The proceeds are intended to be used to support Yinson Production’s further growth and for a distribution of USD 200 million to the controlling shareholder.
- The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.
Yinson Production, through the newly established, UK-based holding company Yinson Production Offshore Holdings Limited (the “Issuer”), has entered into a definitive agreement with a consortium comprising Platinum Lily B 2024 RSC Limited (“Platinum”), a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”)”, and funds managed by British Columbia Investment Management Corporation (“BCI”), and RRJ Group (“RRJ”; together with ADIA and BCI, the “Investors”, and, individually, an “Investor”) to issue USD 1 billion in redeemable convertible preferred shares (the “RCPS”) and 10% warrants at a post money valuation of USD 3.7 billion. The agreement provides the option to issue additional RCPS of up to USD 500 million within 24 months from closing, subject to agreement.
The proceeds from the transaction will primarily support Yinson Production’s further growth, whilst USD 200 million will be used for distribution to the controlling shareholder, a wholly owned subsidiary of Yinson Holdings Berhad.
“We are delighted to welcome ADIA, BCI and RRJ as new investors in Yinson Production,” said Flemming Grønnegaard, Chief Executive Officer of Yinson Production. “This is one of the largest structured equity transactions in Southeast Asia and the first platform-level equity raise by Yinson Production. It builds upon Yinson Production’s proven track record of delivering value accretive growth through our integrated platform. The growth capital will further strengthen our leading market position and enables us to seize opportunities in a robust FPSO market environment.”
The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions, including regulatory approvals and approval of the shareholders of Yinson Holdings. UBS AG, Singapore Branch acted as financial advisor and A&O Shearman acted as legal advisor to Yinson Production in connection with this transaction.
About Yinson Production
“Passionately delivering powerful solutions”
Yinson Production is a leading independent owner and operator of floating storage, production and offloading (“FPSO”) vessels worldwide. With a current fleet of 10 vessels, Yinson Production has an orderbook of more than USD 22 billion until 2048 and global presence in 10 countries. Yinson Production’s position as a top tier FPSO contractor is driven by its excellent track record in project execution, industry-leading safety and uptime performance, and a leadership position in sustainable FPSO designs. Our innovative Zero Emissions FPSO Concept is paving the way for the decarbonisation of the FPSO industry.
We are a business of Yinson Holdings Berhad, a global energy infrastructure and technology company active in offshore energy with Yinson Production, renewable energy with Yinson Renewables, green technologies with Yinson GreenTech, sustainable investment and asset management with Farosson, and offshore marine with Regulus Offshore.
For more information about us, please visit: www.yinson-production.com
About ADIA
Platinum was incorporated on 1 February 2024 as a limited liability company under the laws of the Abu Dhabi Global Market (“ADGM”) and is ultimately wholly owned by ADIA. The principal activity of Platinum is investing into private equity assets. Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
For more information about ADIA, please visit: www.adia.ae.
About BCI
BCI is amongst the largest institutional investors in Canada with CAD 250.4 billion in gross assets under management, as of 31 March 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York City, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional clients.
With a global outlook, BCI integrates ESG factors into investment decisions and activities that convert savings into productive capital to meet clients’ risk and return requirements over time. Founded in 1999, BCI is a statutory corporation created by the Public Sector Pension Plans Act.
For more information about BCI, please visit: www.bci.ca
About RRJ
Founded in 2011, RRJ is an Asian-based private equity group with over USD 25 billion of long-term capital under management. Its founders are Richard Ong and Charles Ong. Richard Ong was the Head of Investment Banking Asia, Ex-Japan of Goldman Sachs, and Charles Ong was Senior Managing Director at Temasek Holdings Limited. RRJ has a strategic focus in key industries, including energy, transportation, logistics, financial services, and healthcare, and a long history of working seamlessly across geographic regions, with portfolio companies diversified across Asia Pacific, Europe, and the USA.
For more information about RRJ, please visit: www.rrjcap.com.
For further information, please contact:
Media:
Vladimir Guevarra
Head of Communications
vladimir.guevarra@yinson.com
Investor Relations:
Simon Barnasconi
Yinson Production
+31 6 41866552
email us here
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