This marked the commencement of the firm charter for a period of 25 years, until 2048, the companies said.

In a statement today, Yinson said FPSO Anna Nery is YP’s first operational asset in Brazil. It is 75% owned by Yinson and 25% by Sumitomo, according to its website. An FPSO vessel is designed to receive and process hydrocarbons, then store it until it can be offloaded.

It said the delivery of FPSO Anna Nery is a “laudable achievement” amid challenges brought about by the Covid-19 pandemic and disruptions to the global supply chain.

YP is currently also constructing two more Brazil-bound assets, which are both on track for completion in 2024.

The group shared that letters of intent for the FPSO Anna Nery project were awarded to YP by Brazilian oil company Petrobras in October 2019, followed by firm contracts execution in March 2020.

In April 2020, Sumitomo participated in the project with a 25% stake, during which FPSO Anna Nery was operating at the Marlim Field located in the eastern part of the Campos Basin, about 150km offshore Rio de Janeiro.

YP CEO Flemming Grønnegaard said the achievement was immensely meaningful for the many parties involved who had worked hard to keep the project on schedule.

“The excellent teamwork – between YP’s project and corporate teams, project partner Sumitomo, contractors, classification society, sub-contractors, and banking partners – was the most significant driver leading to the project’s success.

“We are honoured to contribute to Brazil’s local energy landscape through the provision of affordable and reliable energy to its economy and communities,” he said.

Meanwhile, project manager Scott Bendiksen said the FPSO Anna Nery project also maintained zero lost time injuries over 17.9 million man-hours during the construction.