Bumi Armada fixes FPSO contract for $1.4bn

Kuala Lumpur: Malaysia-based international offshore oilfield services provider, Bumi Armada has signed a bareboat charter contract with EnQuest Heather Limited, EnQuest ENS Limited, First Oil and Gas Limited, Nautical Petroleum Limited and Nautical Petroleum as field partners, led by EnQuest Heather Limited as field operator for a Floating Production, Storage and Offloading vessel (FPSO) to be deployed at the Kraken field located in the UK sector of the North Sea.

Simultaneously Bumi Armada and EnQuest Heather also signed a reimbursable contract for the operations and maintenance of the Kraken FPSO. Both contracts run simultaneously for a fixed period of eight years, valued at $1.4bn, with options for 17 annual extensions.

Bumi Armada will be using a recently built ice-class tanker for this FPSO conversion. The FPSO will have a storage capacity of 600,000 barrels. [23/12/13]

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