Kuala Lumpur: Bumi Armada has said that it has entered into agreements with ElectroGas Malta for the conversion, supply and operations and maintenance of a floating storage unit at an LNG receiving terminal being constructed at Delimara, Malta.
The Malaysian offshore specialist set up subsidiaries in Malta just last week, Armada Floating Gas Storage Malta and Armada Floating Gas Services Malta, who signed the deal effective 13th April 2015. The contracts are for a firm period of eighteen years and two months, with an estimated value of $300m.
The FSU is expected to commence operations in 2016 and the acquisition of an LNG carrier to be used for the project is currently being finalised.
A contract of such a scale is welcome news for the company, which recently revealed to Splash that it is slashing its workforce as part of a reorganisation which will affect around 10-12% of the company’s on-shore employees.
