Bumi Armada nets FPSO contract for field offshore Indonesia
Bumi Armada Berhad announced that its subsidiary, Bumi Armada Offshore Holdings Ltd (BAOHL), together with its joint venture company, PT Armada Gema Nusantara (PT AGN), has been appointed as the Floating Production, Storage and Offloading Vessel (FPSO) Lease Contractor for the Madura BD Field.
The field is located approximately 65 km east of Surabaya and approximately 16 km south of Madura Island, offshore Indonesia. The companies were notified by a Letter of Intent (LOI), issued by Husky-CNOOC Madura Limited (HCML).
Under the terms of the LOI, the companies will supply an FPSO vessel to HCML at a total contract value of US$ 1.18 billion for a fixed period of ten years, with options of five annual extensions worth an aggregate value of US$ 147 million.
Commenting on the award, CEO of Bumi Armada, Hassan Basma, said: “Indonesia has proven reserves of 3.9 billion barrels of oil and 141 trillion ft3 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.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/exploration/20082014/bumi-armada-consortium-awarded-fpso-vessel-contract-1317/
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