73 INTEGRATED ANNUAL REPORT 2026 BUSINESS REVIEWS | YINSON PRODUCTION Our preference for tanker conversions and redeployments, where technically suitable, remains a core element of our value proposition. Conversion-based solutions enable faster delivery schedules, lower carbon intensity compared to newbuilds, and more efficient capital deployment – advantages that are increasingly valued by clients seeking cost discipline without compromising operational performance or safety. In an environment where capital discipline, execution certainty and environmental performance matter more than ever, Yinson Production’s integrated offering – combining technical capability, execution speed, operational excellence and a sustainability-focused design approach – remains compelling. This infographic below highlights how our lease & operate model continues to differentiate us across the current and expected wave of offshore project demand. Technical readiness for future FPSO demand In FY2025, Yinson Production achieved a key technical milestone with the award of Main Scantling Approval (MSA) from DNV for our next-generation, purpose-built FPSO hull design, Meridian. This strengthens our technical capabilities and competitiveness in the global FPSO market. The Meridian hull is designed for robust performance in challenging offshore environments, with the ability to support larger topsides and storage volumes. This makes it well suited for deepwater and ultra-deepwater developments, where conventional conversion approaches are increasingly constrained by vessel availability, topside weight limitations, and cost and schedule pressures. As our first purpose-built FPSO hull approval, Meridian reflects our progression beyond our traditional strength in conversions. It enhances our offering in both newbuild and conversion spaces, strengthening our ability to meet diverse client needs and support more efficient, execution-ready developments. Developing the low-carbon value chain Yinson Production’s low‑carbon ventures are anchored in the development of a connected, marine‑based CCS value chain. Through Stella Maris CCS, which we acquired in February 2025, we are building an integrated offshore carbon management value chain, connecting carbon emitters to secure geological storage. Stella Maris CCS is one of Europe’s leading offshore CCS platforms, supported by regulatory certainty, EU Innovation Fund backing and a scalable, infrastructure‑led development model. PROVEN AT SCALE. 30+ year track record in FPSO delivery and operations WHY IT’S A WIN-WIN? Balanced risk, shared long-term value WHAT IS LEASE & OPERATE? Client focuses on the field. Yinson Production focuses on the asset operations. We design and finance the FPSO We lease it to the client under a long-term charter We operate and maintain it end-to-end We own the asset throughout its lifecycle LEASE & OPERATE: A win-win FPSO partnership model Aligned objectives Client wins Yinson Production wins On time delivery. High uptime. Alignment of interests through balanced risk allocation and shared long-term value. Fully financed by Yinson Production, no payment required before first oil. Faster first oil and cash flow generation. No execution and operating risks. Predictable long-term costs. Stable, long-term contracted revenue. Focused exposure to asset performance - not exploration, commodity or reservoir risk. Ability to focus on asset delivery and operations, where we have a proven track record. Fit for purpose FPSO projects Industry-leading operations Project financing strength • Proven on-time or early first oil, within 30 to 36 months. • Leadership in the mid-sized FPSO segment (CAPEX above USD 1 billion). • Deepwater/ultra-deepwater conversion and redeployment expertise. • Leadership in emissionsreduction technologies. • 99.6% 5-year average fleet technical uptime • Safety performance consistently exceeding IOGP standards. • Technology-enabled operations and advanced digital analytics. • Regulatory and governance discipline supporting safe, uninterrupted operations. • Track record financing large-scale FPSOs under long-term contracts. • Access to diversified and deep pools of capital across banks and capital markets. • Long-dated financing matched to contract tenor. • Repeatable project financing capability.
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