68 YINSON HOLDINGS BERHAD BUSINESS REVIEWS 2025 was a year of continued delivery, operational fleet growth and stabilisation for Yinson Production. With Agogo FPSO entering operation ahead of schedule and newer assets in Brazil progressing through start-up and ramp-up phases, our operating fleet expanded meaningfully – translating contracted revenue into stable profits and steady cash inflows. Across regions, we remained focused on safe, stable operations, strong uptime and disciplined execution, positioning us well to capture the next wave of FPSO demand while delivering long-term value. Total Fleet Production (Million BOE) YEAR IN REVIEW Projects updates The most significant project highlight for the year was the delivery and start-up of Agogo FPSO, our largest FPSO project to date. The vessel achieved first oil on 29 July 2025, approximately four months ahead of schedule. The provisional operational readiness certificate (PORC) was received in August, marking the start of the 15-year charter period, followed by the Operational Readiness Certificate (ORC) in November 2025, confirming completion of all performance tests. Supporting infrastructure, including offices and operating warehouses in Luanda and Soyo, was also established. In Vietnam, we continued to make steady progress on our FSO portfolio, with both FSO Lac Da Vang and FSO for Block B advancing through engineering, procurement and construction phases. These projects reflect our ability to deliver fit-for-purpose infrastructure aligned with client requirements, while also demonstrating our capabilities in newbuild solutions. FSO Lac Da Vang is expected to commence operations in the fourth quarter of 2026, while FSO for Block B is progressing towards start-up in the third quarter of 2027. Both projects remain focused on maintaining safety, schedule discipline and cost control, supported by close collaboration with clients and partners. Fleet commercial performance (%) Note: Fleet commercial performance is calculated as Total Invoiced (including bonus and maluses)/Base Case) * 100. This excludes FPSO PTSC Lam Son and FSO Bien Dong 01. FY2025 amounts have been revised to reflect adjustments for FX, rates and accrued/received bonuses. 5-year average fleet technical uptime (%) FY2026 99.6 FY2025 99.6 FY2024 99.7 FY2023 99.6 FY2022 99.8 Q1 Q2 Q3 Q4 FY2026 100.1 101.9 101.9 101.2 FY2025 103.2 106.4 102.5 100.8 Operations updates Uptime performance We continue to deliver industry-leading uptime, reflecting our ability to convert technical capability into reliable commercial performance. Technical uptime for FY2026 was 99.5%, despite fleet expansion and ongoing stabilisation of newer assets. This extends our long-term track record of consistent performance, with 5-year average fleet technical uptime remaining at 99.6%, and continued outperformance of the FPSO industry average. Fleet commercial performance for the year was 101.3%, indicating that the fleet performed above ordinary contractual day-rate expectations after factoring in applicable bonuses and maluses. Total fleet production increased by nearly 50% in FY2026 to 100.1 million BOE, supported by the Agogo FPSO’s entry into operations and continued ramp-up of Brazilian assets. 49% YoY growth 67.1 FY2025 100.1 FY2026
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