(“USD” means United States Dollar and “RM” means Ringgit Malaysia. Unless otherwise stated, the

exchange rate for the purpose of this announcement is USD1:RM4.4545 as per the middle rate on 27 February 2023 published by Bank Negara Malaysia.)

We refer to our announcements dated 5 December 2022, 25 January 2023 and 20 February 2023 (“Earlier Announcements”). Unless defined otherwise, terms and expression used in this announcement shall have the same meaning ascribed to them in the Earlier Announcements.

Yinson is pleased to announce that, on 27 February 2023, Yinson Azalea Production Pte Ltd and Yinson Azalea Operações Angola - Prestação de Serviços, (SU), LDA,  each an indirect wholly owned subsidiary of Yinson, have entered into the Contract with Eni for the provision of a floating, production, storage and offloading vessel to be deployed for the Agogo Integrated West Hub Development Project, located in the West Hub part of Block 15/06 in Angola (“Agogo FPSO”) to process hydrocarbons; and provision of operation and maintenance services for the Agogo FPSO respectively.

Pursuant to the Contract, the term of the charter is for a fixed period of 5,479 days or approximately 15 years, with the option to extend the term of the charter for up to five (5) years thereafter. The estimated aggregate value of the Contract is approximately USD5.3 billion or equivalent of RM23.6 billion (inclusive of an optional 5 years extension period).

The final acceptance under the Contract is expected to take place in fourth quarter of 2025 and the Agogo FPSO is expected to commence operation upon achieving final acceptance under the Contract.

The risks affecting the Contract during the construction phase includes project execution risk such as schedule slippage and cost overrun whilst the risks affecting the Contract during the operation and maintenance period  includes execution risk such as ability to carry out timely maintenance and operate Agogo FPSO at the required level of performance, as well as regulatory risks relating to compliance to all safety and environmental rules and regulations required by Eni and relevant authorities. Such risks are inherent in Yinson’s business and are expected to be mitigated by Yinson’s experience and expertise in the FPSO industry as well as internal controls and project execution plan to ensure fulfilment of required work scope under the Contract.

The Contract will not have any effect on the share capital and shareholding structure of the Company. The Contract, however, is expected to contribute positively to the earnings and net assets per share of Yinson Group.

None of the directors or major shareholders of Yinson or persons connected with them, has any interest, direct or indirect, in the Contract.

This announcement is dated 28 February 2023.