Japanese transportation company Kawasaki Kisen Kaisha (K Line) has agreed with Malaysian energy service provider Yinson Acacia Ltd to participate in the floating production, storage and offloading (FPSO) for Brazil’s Marlim II Project, according to a press release.
K Line will buy a 10% stake in the FPSO venture, which is located in the Marlim oil and gas revitalization project 150 km off the Brazilian coast in Campos Basin.
Buying into the project will mean K Line will share with Petrobras in the chartering, operations, and maintenance of the FPSO, which are currently co-owned by Yinson and Sumitomo. Operations are expected to start in Q1 2023, with a 25-year charter period with no optional extension period.
This is K Line’s second FPSO business venture after the company’s initial investment offshore Ghana in 2018. This venture was also a joint partnership with Yinson and Sumitomo.
K Line hopes to foster a profitable business portfolio by expanding its FPSO business with Yinson and Sumitomo as its partner.