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Update Bumi Armada wins ten-year US$1.18 bil FPSO contract

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Update Bumi Armada wins ten-year US$1.18 bil FPSO contract

Post by Cals Wed 20 Aug 2014, 01:03

Update Bumi Armada wins ten-year US$1.18 bil FPSO contract

Business & Markets 2014

Written by Liew Jia Teng of theedgemalaysia.com

Tuesday, 19 August 2014 20:31

KUALA LUMPUR (Aug 19): Bumi Armada Bhd, an international offshore oilfield services provider, has received a letter of intent (LOI) to supply a floating production, storage and offloading (FPSO) vessel at a contract value of US$1.18 billion (about RM3.76 billion), a filing to Bursa Malaysia revealed today.

In the filing, Bumi Armada said its wholly-owned unit Bumi Armada Offshore Holdings Ltd, together with its joint venture company, PT Armada Gema Nusantara, have been appointed as the FPSO lease contractor for the Madura BD Field, Offshore Indonesia via a LOI issued by Husky-CNOOC Madura Ltd.

The US$1.18 billion contract is for ten years, and comes with options of five annual extensions worth an aggregate value of US$147 million (about RM469 million), if the options are fully exercised by Husky-CNOOC Madura.

The consortium, formed by Bumi Armada Offshore and PT Armada Gema Nusantara, is authorised to commence initial engineering work immediately, on issuance of the LOI.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
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