Unit FPSO Four Rainbow is transferred to joint venture Anteros constituted from Premuda and Yinson



The Italian shipowning society Premuda has communicated today that unit FPSO (Floating Production Storage and Offloading) Four Rainbow is transferred to joint venture Anteros Offshore Rainbow Pte Ltd. that the controlled society Four Vanguard Serviços and Navegaçao (FVSN) has constituted with the Yinson Heather Ltd. (YHL), society entirely controlled from the malaysian Yinson Holdings Berhad, being finalized the which announced agreement last July ( on 30 July 2015). FVSN stops 49% of the new ones constituted Anteros, while YHL possesses residual 51%. Joint venture is constituted to Singapore and its main activities will be the employment of the FPSO and the services of management for the unit.

The total price of sale of unit FPSO - it has specified the Italian society - has been pairs to 60 million euros, of which 19,6 million euros regulated for compensation with the contribution of capital by the Premuda group, 20,4 million euros regulated for case by means of the contribution of capital by the Yinson associate and 20 million euros regulated for compensation with emission of convertible a bond by Anteros entirely undersigned from the Premuda group. Convertible the bond decade in case Anteros does not succeed to define a suitable contract of employment for the FPSO within on December 31, 2017; in case of conclusion of a contract of employment within such term the bond will come automatically converted in vital left again between the associates second the respective quotas participation and Yinson will pour to ulterior FVSN 10 million euros.

The liquidity generated from the sale operation entirely is used for the extinction of the hypothecating financing of society FVSN, so that it has been able to carry out the cession of unit FPSO lacking in encumbrances.

Contextually to the conclusion of joint venture an agreement has been undersigned also put/call that attributes to YHL a call option in order to acquire from FVSN the entire share capital of Anteros, while FVSN has a put option in order to yield to YHL the entire participation stopped in joint venture. YHL has a call option until on December 31, 2017 in order to acquire from FVSN the entire share capital of Anteros (included convertible the deducted bond the amounts eventually already poured against the same one) at the price of exercise of 39,6 million euros. To the subscription of a contract of employment of the FPSO, FVSN will arrange of an option put (until on March 31, 2018) in order to yield to YHL the entire participation stopped in Anteros (convertible deducted enclosed bonds the amounts eventually already poured against the same one) at the price of exercise of 24,6 million euros.

Premuda has emphasized that, through this operation - coherent with own industrial and financial plans - the group maintains and strengthens own expectations of profit for the offshore section through the alliance with the Yinson group, one of the most dynamic and active players of field FPSO.

The Premuda group has entered in field FPSO in 2001 adding to the supply of services for the oil industry to traditional Core business of the marine transport helter-skelter with tankers and from dry cargo.