The company said in a stock market announcement that eni Angola has issued a Letter of Intent (LOI) to confirm their intention to award a contract for the chartering, operation and maintenance of a FPSO tanker facility complete with Mooring System to the consortium of Bumi Armada Offshore Holdings Limited and Angoil Bumi JV Lda.
The contract for Block 15/06, East Hub offshore Angola is worth $2.9bn and is expected to be announced with four months. The contract, subject to execution, is expected to contribute positively to the revenue and earnings of Bumi Armada for the financial year ending 31 December 2014.
“This LOI is our second large (capex of more than $1bn) FPSO award in six months and underscores our successful migration into the large-project FPSO sector. This is the second time eni has turned to Bumi Armada for an FPSO in West Africa and we will continue to collaborate with our tried and tested value-chain, as we have done in the past, to successfully deliver this project for our repeat customer. This project is our first VLCC-tanker conversion. The Armada Ali will be used for conversion. The 15/06 FPSO will be delivered in 31 months and this project will take Bumi Armada’s FPSO fleet to eight, clearly moving us into the top-tier of global FPSO players," said ceo and executive director Hassan Basma.
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