Yinson Production and AVEVA sign MoU to develop sustainable and autonomous FPSO solutions

• Autonomous Floating Production Storage and Offloading (FPSO) solutions to help the energy services industry enhance sustainability and safety standards 
  
• A digital twin of each FPSO vessel will be used to capture engineering and operational data through the complete asset lifecycle to improve visualisation, reliability, and efficiency 
• The partnership extends Yinson Production and AVEVA’s existing collaboration on the digitalisation of business processes

KUALA LUMPUR – 9 March 2023 –  Yinson Production (“YP”), a top tier FPSO contractor, has entered into a Memorandum of Understanding (MOU) with AVEVA, a global leader in industrial software driving digital transformation and sustainability. The agreement builds on the companies’ existing relationship and aims to enable YP to develop fully autonomous and sustainable Floating Production Storage and Offloading (FPSO) solutions.

AVEVA’s software, in combination with YP’s FPSO expertise and extensive data sets will enable YP to operate its FPSO with minimal human involvement, and with a vision for them eventually to become fully autonomous. The key to developing fully autonomous FPSO solutions is through the adoption of the digital twin, a virtual model designed to accurately reflect the floating structure. Leveraging AVEVA’s solutions, YP will enhance its operational strategy and optimise efficiencies by utilizing analytics, machine learning (ML), and Artificial Intelligence (AI) to enrich the digital twin across the entire asset lifecycle.

Autonomous technology can greatly enhance the energy and resource efficiency of assets, whilst significantly lowering emissions. Furthermore, autonomous technologies can reduce human error and manual intervention, leading to stronger safety and environmental performance.

YP Chief Executive Officer Flemming Grønnegaard commented, “The adoption of digital technologies will be crucial to accelerate the implementation of sustainable operations across all industries. With AVEVA’s leading software and domain expertise and YP’s deep knowledge of FPSO design, operations and marketplace, this partnership will allow us to create a sustainable, differentiated offering that can pave the way for an industry-wide shift to safer, more sustainable, low carbon operations.”

The current MOU expands on YP’s existing partnership with AVEVA, where AVEVA PI System is already implemented on FPSO assets in the Yinson fleet, as well as AVEVA Engineering tools being leveraged for design and construction. 

“The industry has a responsibility to take action towards achieving net-zero carbon emissions, and we are committed to helping our customers and partners unlock the benefits of digital transformation to drive operational efficiency and sustainability,” said Emon Zaman, Asia Pacific Senior Vice President, AVEVA. “We are pleased to be partnering with YP to develop autonomous and sustainable FPSO solutions. It will provide enhanced visibility of integrated engineering and operational data, improved critical decision-making and help YP realise its vision of becoming carbon neutral by 2030 and net zero by 2050.”

About YINSON Production

“Passionately delivering powerful solutions” 

Yinson Production (“YP”) is the offshore production business unit of Yinson Holdings Berhad (“Yinson”, or “the Group”), a global energy infrastructure and technology company headquartered in Malaysia. The Group has businesses in offshore production, renewable energy, green technologies and offshore marine, and has presences in 18 countries.

Yinson was established in 1983 as a transport agency in Johor Bahru. After successfully entering the FPSO market through a joint venture to build two offshore production assets in Vietnam, Yinson transformed to become a full-scale execution and service FPSO provider in 2014 through the acquisition of Fred Olsen Production ASA and subsequent divestment of its non-oil & gas business segments. 

Today, YP is one of the largest independent floating, production, storage and offloading (“FPSO”) leasing companies globally, with an orderbook of over USD22 billion until 2048. YP’s position as a top tier FPSO contractor is driven by its excellent project management team, industry-leading safety and uptime performance and leadership position in sustainable FPSO design.

YP’s Zero Emission FPSO concept is paving the way for the decarbonisation of the FPSO industry and aligns with the Group’s Climate Goals to be carbon neutral by 2030 and net zero by 2050.