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Bumi Armada sells FPSO to Century Energy Services for US$40 million

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Oilfield Technology,

Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad has announced its wholly-owned subsidiary Armada Oyo Ltd has entered into an agreement with Century Energy Services Limited (CESL) for the sale of the Armada Perdana floating production storage and offloading (FPSO) vessel for a consideration of US$40 million.

The Purchase Price for the vessel will be settled in the following manner:

  • A deposit of US$5.5 million to be paid by CESL to AOL of which US$4.5 million has been paid and the remaining US$1.0 million to be payable before the end of 2019;
  • US$11.6 million will be used to settle amounts owing by the Group to CESL;
  • US$5.0 million on or before the earlier of 6 months after the vessel is delivered to CESL or when oil is first produced in the field to which the vessel is redeployed (the 'First Oil Date');
  • The remaining balance of US$17.9 million will be paid within 2 years from the First Oil Date.

The Armada Perdana FPSO has been out of contract in Nigeria since its previous charterer, Erin Petroleum Nigeria Ltd, along with its parent company Erin Energy Corp., filed for bankruptcy in April 2018.

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