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Bumi Armada’s Indian joint venture bags $2.1bn FPSO contract

Bumi Armada’s joint venture firm in India has clinched a charter contract valued at approximately $2.1bn from Oil and Natural Gas Corporation (ONGC) of Indian for the provision of one FPSO.

The contract is for a fixed period of nine years with an option for ONGC to extend for another seven years on a yearly basis at an aggregate contract value of approximately $655m.

The contract will be operated by Shapoorji Pallonji Bumi Armada Godavari (SPBAG), a joint venture of Bumi Armada, for ONGC’s offshore field located on the east coast of Kakinada, India.

SPBAG is a 30:70 joint venture between Malaysia’s Bumi Armada and Shapoorji Pallonji Oil & Gas of India.

Kuala Lumpur-listed Bumi Armada said the contract is “expected to contribute postitively to the future earnings of Bumi Armada Group.”

Read more: Bumi Armada refinances debt, plans asset disposals

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