Through its Bumi Armada Offshore Holdings unit and joint venture partner, PT Armada Gema Nusantara it will provide the FPSO to Husky-CNOOC Madura on a 10-year contract, Bumi Armada said in a stock market announcement. The contract also has five annual extension options worth MYR469m
.Executive director and ceo Hassan Basma said Bumi Armada is "excited to be a part of Indonesia’s energy development”.It is believed the Madura FPSO contract was awarded to Bumi Armada because of its track record despite being hotly contested by several parties, including other Malaysian-based oil and gas (O&G) companies as well as local Indonesian players.
The contract award had been long delayed and the recent announcement may have been the reason behind Bumi Armada's delay last week of the release of its second quarter financial results.
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