Bumi Armada bags 13-year-old VLCC for $29m

 

Kuala Lumpur: Malaysia-based international offshore oil and gas services provider, Bumi Armada  has acquired and taken delivery of a Japanese-built 1999 VLCC for $29m. The 302,000 dwt Sumitomo Heavy-built vessel, Osprey, will be converted into an FPSO. Bumi Armada bought the ship from Samoco 1233 Trust, a Delaware business trust acting through Deutsche Bank (Cayman) Limited.
 
Executive Director/Chief Executive Officer of Bumi Armada, Hassan Basma said, “It is a good time to acquire vessels given current market conditions and this VLCC tanker acquisition is part of our fleet expansion. The MT Osprey, being a VLCC, is a good candidate for future FPSO conversions which we anticipate will include larger FPSOs, those requiring VLCC hulls with about 2 million barrels of storage capacity.”  [29/11/12]

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