Bumi Armada Consortium Signs Contract For The FPSO For The Madura Bd Field In Indonesia

abarrelfullabarrelfull wrote on 12 Dec 2014 12:26
Tags: asia bumi-armada cnooc fpso husky indonesia services

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Malaysia-based international offshore oilfield services provider, Bumi Armada Berhad (“Bumi Armada” or the “Company”) 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, on the evening of 10th December 2014, been awarded a contract to supply one floating, production, storage and offloading vessel (“FPSO”) (“Contract”) for the Madura BD Field, approximately 65 km east of Surabaya and about 16km south of Madura Island, offshore Indonesia issued by Husky CNOOC Madura Limited (“HCML”).

This award is in furtherance to the announcements made by the Company on 19 August 2014, 14 October 2014, 31 October 2014, 12 November 2014 and 4 December 2014 in respect of the Letter of Intent (“LOI”) issued by HCML.

The Contract is for a firm charter period of ten (10) years with options of five (5) annual extensions. The estimated aggregate value of the Contract is approximately USD1.18 billion (equivalent to approximately RM3.98 billion) and is expected to contribute positively to the earnings of the Bumi Armada Group for the quarter and financial year ending 31 December 2014, as well as the financial periods thereafter for the duration of the Contract.

The FPSO is expected to commence operations in the Madura BD Field in the fourth quarter of 2016.

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