Kuala Lumpur: Malaysian offshore firm, Bumi Armada has announced that its subsidiary together with its Indonesian joint venture company, PT Armada Gema Nusantara, have been appointed as the FPSO lease contractor for the Madura BD Field, via a letter of intent from Husky-CNOOC Madura Limited.
The FPSO vessel contract is for a fixed period of ten years and valued at $1.18b, with options of five annual extensions worth an aggregate value of $147m if the options are fully exercised.
Hassan Basma, executive director and ceo of Bumi Armada, said, “Indonesia has proven reserves of 3.9 billion barrels of oil and 141 trillion cubic feet of natural gas and we are excited to be a part of Indonesia’s energy development. Our track record of delivering on time, within budget, safe and reliable FPSOs, was instrumental in securing this award.”
The deal is expected to be finalised and signed within forty-five days. [20/08/14]