72 YINSON HOLDINGS BERHAD BUSINESS REVIEWS South America Southeast Asia Africa Key countries of operation Brazil Malaysia, Vietnam Ghana, Nigeria, Angola, Namibia Outlook and strategic positioning Brazil remains the world’s most significant FPSO market, underpinned by a robust pipeline of deepwater developments. Activity will be centred on the Santos and Campos basins, as operators advance large-scale pre-salt projects and prioritise long-term production capacity. Southeast Asia remains a stable FPSO market, driven by continued offshore developments and the redevelopment of mature fields. Activity is expected to be centred on Malaysia and Indonesia, supported by ongoing brownfield opportunities and selective deepwater projects, as operators prioritise enhanced recovery and flexible production solutions. Africa continues to be a key long-term FPSO growth region, anchored by deepwater developments and large-scale field monetisation. West Africa will remain the primary focal point, with sustained opportunities in Angola, Nigeria, Namibia and Ghana, underpinned by deepwater project sanctioning and reserves replacement needs. Yinson Production’s focus in 2025/2026 • Consolidation and stabilisation of asset performance. • OPEX optimisation and more efficient operating models. • Strengthening local suppliers and leadership alignment. • Safe, reliable delivery of two FSO projects under construction. • Disciplined stewardship of mature operations. • Pursuit of selective commercial opportunities. • Continued delivery of safe and reliable operations. • Disciplined stewardship of mature operations. • Expansion into Angola and Namibia, supported by longterm local engagement. Differentiated lease & operate value proposition Moving forward, our focus will be on advancing selective projects into the FEED phase, while continuing to mature technical designs, commercial structures and partnerships. Yinson Production’s business development strategy remains consistent. We focus on lease & operate FPSO projects, with a particular emphasis on mid-sized FPSOs with capital expenditure typically at or above USD 1 billion. These projects operate predominantly in deepwater environments, where technical complexity, capital intensity and delivery certainty are critical differentiators. Being present early allows us to anticipate solutions, understand the local environment, and prepare for future projects. To establish a strong foothold, a key strategy has been local capability-building. In November 2025, we signed a Memorandum of Understanding (“MoU”) with Namibia’s Petroleum Training and Education Fund (Petrofund), a government statutory body that focuses on capability-building in the nation’s upstream petroleum sector. We are now supporting a programme that includes internships, multidisciplinary onthe-job training opportunities at our Ghana facilities, HSSE workshops, technical lectures at universities, collaboration with the National Petroleum Corporation of Namibia (NAMCOR) and the Petroleum Commission, and the development of a cadet programme. These efforts reflect how we approach local value creation in new markets: not as a parallel activity, but as part of building a sustainable, long-term operating presence. COUNTRY HIGHLIGHT: Capability-building for the long-term in Namibia In early 2025, Yinson Production established an operations office in Windhoek, reflecting our longterm view of Namibia as a promising offshore market. Significant discoveries in the Orange Basin have created the prospect of multiple future FPSO developments. Estimated reserves stand at approximately 11 billion BOE, comparable to those of Guyana. While the sector is still at an early stage, the longer-term opportunity is compelling.
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