Bumi Armada secures FPSO deal

Kuala Lumpur: Bumi Armada's jointly controlled entity SP Armada Oil Exploration clinched a $740m deal from India's Oil and Natural Gas Corporation (ONGC) to provide a FPSO for offshore India.

The firm contract is for a fixed period of nine years with an extension option of an additional seven years worth $340m.

“Work will commence immediately on our proposed donor vessel and we will follow a similar execution model using the same value chain that had served us well in the conversion of our previous FPSO for India,” said Hassan Basma, executive director and ceo of Bumi Armada.

SP Armada is an equal joint venture between Bumi Armada and Mumbai-based Shapoorji Pallonji.

Posted 19 February 2013

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Marcus Hand

Editor, Seatrade Maritime News

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