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FPSO contract worth US$620m, says Bumi Armada
by hlk Mon 15 Aug 2011, 21:21
KUALA LUMPUR: Bumi Armada Bhd said the seven-year floating production, storage and offloading (FPSO) contract sealed by its 49.99% owned Forbes Bumi Armada Offshore Ltd (FBAOL) is worth US$620 million (RM1.85 billion).
The company said this in a filing to Bursa Securities Monday, Aug 15.
It had said on Thursday, Aug 11 that FBAOL had 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 then.
Bumi Armade expected the contract -- which is ONGC’s first ever FPSO contract award -- to contribute positively towards Bumi Armada group’s future earnings.
The company said this in a filing to Bursa Securities Monday, Aug 15.
It had said on Thursday, Aug 11 that FBAOL had 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 then.
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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