ACCOUNTABILITY 198 YINSON HOLDINGS BERHAD 6. REVENUE (CONTINUED) (b) Contract balances The Group has recognised the following contract assets and liabilities: Group 2026 2025 RM million RM million Contract assets (Note (b)(i)) Current 88 518 Non-current 1,682 5,183 1,770 5,701 Contract liabilities (Note (b)(ii)) Current 56 89 Non-current 153 209 209 298 (i) Contract assets Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date on ongoing EPCIC contracts. Bareboat charter payments received during the lease period will be allocated towards the settlement of the finance lease receivables or trade receivables related to the charter contracts. As at 31 January 2026, the contract assets decreased mainly due to the commencement of charter period for the Agogo FPSO on 12 August 2025 which resulted in the reclassification from contract assets to finance lease receivables of RM5,856 million (Note 34(a)(i)). During the current financial year, Yinson Production Bouvardia B.V. (formerly known as AFPS B.V.) (“Bouvardia B.V.”), an indirectly wholly-owned subsidiary of the Company, has successfully completed the buy-out of the project loan related to FPSO Atlanta. This resulted in increase in contract assets by RM1,735 million. Please refer to Note (iii) for further details. As at 31 January 2026, contract assets relating to FPSO Atlanta amounted to RM1,768 million, of which RM86 million (2025: RM108 million) and RM1,682 million (2025: RM388 million) were classified as current and non-current respectively. (ii) Contract liabilities Contract liabilities primarily comprise the following: • Charter income received in advance of RM176 million (2025: RM228 million) in relation to FPSO JAK, which is deferred and amortised on a straight-line basis over the contract period. As at 31 January 2026, the amounts classified as current and non-current were RM28 million and RM148 million (2025: RM31 million and RM197 million) respectively. The Group recognised revenue of RM30 million (2025: RM32 million) during the financial year, which was included in the contract liabilities as at 31 January 2025. • Advance consideration received of RM16 million as at 31 January 2025 for modification work on an FPSO vessel chartered to First Exploration and Petroleum Development Company Limited (“FEP”).
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