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NewsBumi Armada associate inks FPSO deal
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Bumi Armada associate inks FPSO deal
by hlk Thu 11 Aug 2011, 20:10
KUALA LUMPUR: Bumi Armada Bhd expects earnings to pick up after its 49.99% owned Forbes Bumi Armada Offshore Ltd (FBAOL) sealed a floating production, storage and offloading (FPSO) contract.
It said on Thursday, Aug 11 that FBAOL had on Wednesday signed the contract with Oil and Natural Gas Corporation Ltd (ONGC) following the letter of award on June 25.
FBAOL is a 49.99:50.01 joint venture between Bumi Armada and Forbes & Co Ltd which is listed on the Bombay Stock Exchange.
“The contract is for an FPSO to be operated by FBAOL on the ONGC D1 field located 200km off the west coast of Mumbai, India and it is for a seven-year fixed term time charter with a further six year annual extension period at ONGC’s discretion,” it said.
Bumi Armade expected the contract -- which is ONGC’s first ever FPSO contract award -- to contribute positively towards Bumi Armada group’s future earnings.
It said on Thursday, Aug 11 that FBAOL had on Wednesday signed the contract with Oil and Natural Gas Corporation Ltd (ONGC) following the letter of award on June 25.
FBAOL is a 49.99:50.01 joint venture between Bumi Armada and Forbes & Co Ltd which is listed on the Bombay Stock Exchange.
“The contract is for an FPSO to be operated by FBAOL on the ONGC D1 field located 200km off the west coast of Mumbai, India and it is for a seven-year fixed term time charter with a further six year annual extension period at ONGC’s discretion,” it said.
Bumi Armade expected the contract -- which is ONGC’s first ever FPSO contract award -- to contribute positively towards Bumi Armada group’s future earnings.
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