Bumi Armada Subsidiaries Sign Contracts Worth USD300 Million To Supply, Operate And Maintain A Lng Floating Storage Unit (FSU) I

abarrelfullabarrelfull wrote on 17 Apr 2015 13:47
Tags: bumi-armada europe lng malta


Malaysia-based international offshore oil & gas services provider, Bumi Armada Berhad (“Bumi Armada”), announced today that its wholly owned subsidiaries Armada Floating Gas Storage Malta Ltd (“AFG Storage”) and Armada Floating Gas Services Malta Ltd (“AFG Services”), have, yesterday late evening (London time),
entered into agreements with ElectroGas Malta Limited (“EGM”) for the conversion, supply and operations and maintenance, respectively, of one floating storage unit (“FSU”) for the project relating to the construction and operation of an LNG receiving terminal located at Delimara, Malta (collectively, “Contracts”). The effective date of the Contracts is 13 April 2015.

The Contracts are for a firm period of 18 years and 2 months with an expected aggregated value of approximately USD300 million (equivalent to approximately RM1.1 billion). The FSU is expected to commence operations in Delimara in 2016.

Commenting on the signing of the Contracts, Mr. Chan Chee Beng, Executive Director and the Acting Chief Executive Officer of Bumi Armada said: “These contracts are a significant milestone for Bumi Armada’s new venture in the promising floating LNG business. The project is of national importance to Malta and we are proud of being entrusted to deliver a critical part of this project.”

The Contracts are expected to contribute positively to the earnings of Bumi Armada Group for the financial year ending 31 December 2015 as well as the financial periods thereafter for the duration of the Contracts.


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