Kuala Lumpur: Bumi Armada’s jointly controlled entity, SP Armada Oil Exploration has received a notification of award from Oil and Natural Gas Corporation (ONGC) of India, for the charter of one FPSO.
SP Armada is a 49.998 : 50.002 joint venture between Bumi Armada and India’s Shapoorji
The contract is for a fixed period of nine years, valued at approximately $740m. ONGC has an option to extend the contract for an additional seven years on a yearly basis at an aggregate contract value of approximately $340m, if all the extension options are exercised.
The contract will be operated by SP Armada for the ONGC Cluster-7 field located on the west coast of Mumbai. [19/02/13]
