Bumi Armada's Consortium Receives Letter Of Intent For An FPSO For The Madura BD Field In Indonesia

abarrelfullabarrelfull wrote on 20 Aug 2014 06:26
Tags: asia bumi-armada cnooc fpso husky indonesia services top

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Malaysia-based international offshore oilfield services provider, Bumi Armada Berhad announced today that its wholly-owned subsidiary Bumi Armada Offshore Holdings Limited (“BAOHL”), together with its joint venture company,PT Armada Gema Nusantara* ("PT AGN") (collectively, the “Consortium”), have been appointed as the Floating Production, Storage and Offloading Vessel (the "FPSO") Lease Contractor for the Madura BD Field, approximately 65 km east of Surabaya and about 16km south of Madura Island, offshore Indonesia via a Letter of Intent (“LOI”) issued by Husky-CNOOC Madura Limited** (“HCML”).

Pursuant to the LOI, the Consortium will supply a FPSO Vessel to HCML at a total contract value of USD1.18 billion (equivalent to approximately RM3.76 billion) for a fixed period of ten (10) years with options of five (5) annual extensions worth an aggregate value of USD147 million (equivalent to approximately RM469 million), if the options are fully exercised by HCML, subject to terms and conditions of the contract, which is to be finalised and signed within forty-five days of the date of the LOI of 8 August 2014 subject to such extension to be mutually agreed between HCML and the Consortium.

Executive Director and Chief Executive Officer of Bumi Armada, Mr Hassan Basma said, “Indonesia has proven reserves of 3.9 billion barrels of oil and 141 trillion cubic feet of natural gas and we are excited to be a part of Indonesia’s energy development. Our track record of delivering on time, within budget, safe and reliable FPSOs, was instrumental in securing this award.”

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