Yinson Production will formally enter the Namibian market in January 2026, marking its first strategic move to secure future floating production, storage and offloading (FPSO) opportunities expected from the Orange Basin.
The company confirmed it will open a local office early next year and begin crew training as it positions itself for FPSO awards anticipated from 2027 onwards.
Yinson Production said it has signed a Memorandum of Understanding with the Petroleum Training and Education Fund (Petrofund), the statutory body responsible for upstream petroleum skills development through scholarships and specialised training.
“As we advance our journey to become a long-term player in Namibia’s oil and gas sector, we are opening our office in January 2026, deepening our commitment to support the country’s development. The signing of this MOU is a significant milestone for Yinson Production and a testament to our long-term vision for Namibia,” the company said.
The agreement forms part of a broader local content commitment including on-the-job training, internships, university partnerships, maritime scholarships, supply-chain development and technical capacity-building for state institutions.
“These initiatives reflect our dedication to nurturing local talent, strengthening service providers, empowering academic institutions and supporting national capabilities as Namibia enters an exciting new phase in offshore energy development,” the firm noted.
Yinson Production said it will work with Petrofund and national stakeholders to prepare the skills base required as Namibia progresses toward first oil before 2030. The company indicated that FPSO awards are expected within the next 12 to 18 months as the basin transitions from exploration to development execution.
The development follows Yinson Production’s January 2025 agreement to raise US$1 billion in redeemable convertible preferred shares via a new UK-based holding company.
The raise included participation from ADIA, BCI and RRJ Group, with an option to issue a further US$500 million within 24 months.
“We are delighted to welcome ADIA, BCI and RRJ as new investors in Yinson Production. This is one of the largest structured equity transactions in Southeast Asia and the first platform-level equity raise by Yinson Production. It builds upon Yinson Production’s proven track record of delivering value accretive growth through our integrated platform,” CEO Flemming Grønnegaard said.
The capital will support the firm’s expansion strategy, including its Namibian market entry, while US$200 million will be distributed to its controlling shareholder. The transaction remains subject to regulatory approvals.
