Bumi Armada to take full delivery of vessels by 4Q

Bumi Armada to take full delivery of vessels by 4Q
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Tuesday, 20 August 2013 18:59

KUALA LUMPUR (Aug 20): Bumi Armada Bhd which has ordered four platform-supply vessels (PSV) with a collective value of some US$80 million (RM260 million) from Sentinel Offshore (L) Ltd, expects to take full delivery of the vessels by the fourth quarter of this year.

In a statement to the exchange today, Bumi Armada, an oil and gas support- services provider, said it has received the first vessel last July 31 at the Xiamen Shipyard in China.

The PSV, known as Armada Tuah 303, is a 75 metre-long unit which has cargo capacity of 3,300 tonnes. The vessel comes with tanks for liquid mud and brine, besides base oil, dry bulk, fuel and water.

Bumi Armada said it will receive its next PSV by the end of the third quarter, while the remaining two PSVs will be delivered in the fourth quarter.

The contract for the four PSVs is part of the company's offshore-support vessel fleet-expansion programme.

Bumi Armada executive director and CEO Hassan Basma said: "The purchase of these four PSVs is another part of our fleet-expansion programme 'Steel on Water 2' which was initiated last year.

"Through a build/buy strategy, we aim to increase both the size of our fleet to 80 to serve clients in Asia, Africa and Latin America as well as the quality of vessels; vessels that are green, clean, safe and fuel efficient".