Bumi Armanda Wins $740 Million FPSO Charter Contract from ONGC
Malaysia-based international offshore oil and gas services provider, Bumi Armada Berhad announced today that its jointly controlled entity, SP Armada Oil Exploration Pte Ltd, has been awarded a $740 million FPSO charter contract from India’s Oil and Natural Gas Corporation Limited (ONGC) for charter of a for the Cluster-7 field offshore India.
The contract includes an additional $340 million optional extension.
Bumi Armada’s Executive Director/CEO, Mr Hassan Basma commented,
“The award by ONGC underscores their trust in our delivery model. With the completion of the FPSO Armada Sterling last year, we have demonstrated that we have the ability to deliver on our promises and have the competency, organization skills and financial strength to undertake large complex projects in harsh environment.”
The Floating Production, Storage and Offloading Vessel (FPSO) will be owned and operated by SP Armada in the ONGC Cluster-7 field located about 210km off the western coast of Mumbai, India, and have a minimum storage of 510,000 barrels of oil. The vessel will also be equipped with oil production and stabilization, water injection, gas compression/ dehydration to meet gas lift / injection and sales requirements, and an internal weather-vaning turret.
This is the second FPSO to be contracted offshore India, and to ONGC.
Delivery of the FPSO will be within 21 months of the date of the award.
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