Yinson Annual Report 2022

349 ANNUAL REPORT 2022 ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 49. Subsequent events (a) On 12 November 2021, Yinson Production Pte Ltd (“YPPL”), an indirect wholly owned subsidiary of the Company, incorporated in Singapore, has been awarded two Letters of Intent (“LOI”) by Petrobras for, respectively, the provision of: The salient terms of the Contract are as follows: (i) FPSO Maria Quiteria (formerly known as FPSO Integrado Parque das Baleias (“IPB FPSO”)); and (ii) operation and maintenance services during the charter phase of IPB FPSO. On 7 February 2022, Yinson Bergenia Production B.V. (“YBPBV”), an indirect subsidiary of the Company incorporated in theNetherlands, has entered into a charter contract with Petrobras for the provision of IPB FPSO (“Charter Contract”) and Yinson Bergenia Serviços de Operação Ltda., a wholly-owned subsidiary of YBPBV incorporated in Brazil, has entered into a service contract with Petrobras for the provision of operation and maintenance services of IPB FPSO (“Service Contract”) (The Charter Contract and Service Contract are collectively referred as the “Contracts”). A summary of the salient terms of the Contracts is as follows: (i) The term of the charter is for a fixed period of 8,218 days or approximately 22.5 years under the Contracts from the date of final acceptance of IPB FPSO with no options for extension thereafter; (ii) The estimated aggregate value of the Contracts is approximately equivalent to USD5.2 billion (equivalent to approximately RM21.7 billion), subject to the terms and conditions of the Contracts; and (iii) IPB FPSO is expected to commence operation by the fourth quarter of 2024. The Contracts are expected to contribute positively to the earnings and net assets per share of the Group during the tenure of the Contracts. (b) On 17 December 2021, Yinson Acacia Ltd (“YAL”), an indirect wholly owned subsidiary of the Company, has entered into a LOI with Enauta Energia S.A. (“Enauta”) whereby Enauta intends to, via an indirect wholly owned subsidiary, commission YAL’s affiliates to provide and operate a FPSO via a redeployment of FPSO OSX-2. The LOI constitutes a binding obligation whereby YAL and Enauta agreed to enter into an engineering, procurement, construction and installation contract and an operation and maintenance agreement with a call option (“Contracts”). Pursuant to the LOI, on 21 February 2022, Yinson Production Offshore Pte Ltd, Yinson EPC Pte Ltd, Yinson Bouvardia Holdings Pte Ltd and Yinson Bouvardia Serviços de Operação Ltda, each an indirect wholly owned subsidiary of the Company, have entered into the Contracts with Enauta. The engineering, procurement, construction and installation of the FPSO is expected to be completed by first half of year 2024. This will be followed by the commencement of either a 2-year operation and maintenance services contracts or a 15-year time charter agreement (“Time Charter Agreement”) and an operation and maintenance agreement of the same duration should the Group exercise the call option under the Contracts. The call option is exercisable at the Group’s discretion. If the Group chooses to exercise the call option, the acquisition of the assetowning company with the execution of Time Charter Agreement will be concluded prior to the completion of the FPSO. (c) On 20 December 2021, the Company announced the following: - (i) proposed bonus issue of shares of up to 1,112,540,173 new ordinary shares in YHB (“YHB Shares” or “Shares”) (“Bonus Shares”) on the basis of entitlement of 1 Bonus Share for every 1 existing YHB Share (“Proposed Bonus Issue”); and (ii) proposed renounceable rights issue of YHB Shares (“Rights Shares”) together with free detachable warrants in the Company (“Warrants”) on an entitlement date to be determined to raise gross proceeds of up to RM 1.22 billion (“Maximum Gross Proceeds”) (“Proposed Rights Issue”). (Collectively referred to as the “Proposals”)

RkJQdWJsaXNoZXIy NDgzMzc=