Singapore-based floating production specialist Yinson Production is charting an ambitious growth path with expansion into Namibia, a major carbon capture and storage (CCS) project in Norway, and a potential IPO within the next few years.
The offshore unit of Malaysia’s Yinson Holdings has secured a strong foundation with US$19.9 billion in contracted revenue backlog stretching through 2050. Chief executive officer Flemming Grønnegaard said the company expects to reach a final investment decision (FID) on its flagship Stella Maris CCS project next year, targeting commercial operations by 2030.
Left: CFO Markus Wenker; Right: CEO Flemming Gronnegaard. Photo: Yinson Production.
“We are taking active steps to be part of the energy transition — this will form a significant new business line for us,” Grønnegaard said.
Developed with Harbour Energy, the Stella Maris project aims to provide full offshore carbon capture and permanent storage. Chief financial officer Markus Wenker said CCS represents “the only realistic path to net zero,” noting that investments will be made with long-term returns in mind.
To support upcoming demand, Yinson plans to open a local office in Namibia by January 2026 and launch a cadet training programme as the country moves closer to first oil. Grønnegaard said FPSO contracts are likely to be awarded by 2027, with production expected before 2030.
Yinson is currently assessing 20 potential projects across Brazil, West Africa, and Southeast Asia, anticipating new contract awards within the next 12 to 18 months. “Nothing is confirmed until the ink is dry, but we’re well positioned in nearly all our target markets,” Grønnegaard added.
The company has also strengthened its operational flexibility with the acquisition of a very large crude carrier (VLCC), which can be swiftly converted for deployment once new contracts are signed.
“We’ve done the engineering, and we’re ready to move fast,” Grønnegaard said. “Our lease-and-operate model, combined with a 99.5% uptime record, gives us a clear competitive edge.”
Yinson’s Agogo FPSO, delivered four months ahead of schedule, is cited as an example of its project execution strength.
Financially, the group has refinanced US$2.8 billion in bank debt, creating room for growth and freeing up lending capacity. Wenker said project bonds are being prepared for 2026, particularly for the refinancing of the Agogo and Atlanta FPSOs, to further deepen the FPSO project bond market.
An initial public offering (IPO) is being considered within the next five years, once the current capital expenditure cycle is complete. “An IPO remains an option, depending on market conditions and achievable valuation,” Wenker said.
Yinson currently operates nine FPSOs with two more under construction. It posted US$608 million in enterprise revenue and US$402 million in adjusted EBITDA, backed by US$1.7 billion in equity.
With initiatives such as onboard electrification, closed flare systems, and carbon capture integration, Yinson is positioning its fleet to be net-zero ready.
“We are not just an oil and gas company,” Grønnegaard said. “We’re building the next generation of offshore infrastructure.”
