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Bumi Armada picks up $285m Vietnam contract extension

Bumi Armada secured a $285m contract extension for its FPSO Armada TGT 1 floating production storage and offloading (FPSO) vessel that is currently working offshore Vietnam.

Bumi Armada said the bareboat charter contract with Hoang Long Joint Operating Company (HLJOC) had been extended for a futher six years from August 27, 2018 until November 14, 2024, extending the original seven-year contract initially signed in 2009 which expired on August 26.

The FPSO Armada TGT 1 has been working in the HLJOC-owned and operated Te Giac Triang (TGT) field offshore Vietnam and has produced good results, Bumi Armada said in a press release. HLJOC is a partnership between PetroVietnam Exploration Production Corporation, SOCO Vietnam, OPECO Vietnam, and PTTEP Hoang-Long Company.

Read More: FPSO destined for Vietnam starts conversion work at Keppel

Bumi Armada ed and ceo Leon Harland said: “This contract is a positive result for the group and the stakeholders in the TGT project. Since her start in August 2011, FPSO Armada TGT 1 has shown great safety performance, with no lost time incident in seven years, with an average oil and gas uptime availability of over 99% since start up, and produces over 106m barrels of oil. We thank HLJOC partners for their continuing trust in our production services.”

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