Bumi Armada secures financing for Indian FPSO

 

Kuala Lumpur: Malaysia-based international offshore oil and gas services provider, Bumi Armada Berhad has said that its jointly controlled entity, Armada D1 has secured syndicated term loan facilities of up to $276.4m from Allahabad Bank, Bank of Baroda, Bank of India, Indian Bank, Indian Overseas Bank, UCO Bank and Union Bank of India. The facility will be used to part finance all costs and expenses in relation to the acquisition, conversion, refurbishment, mobilization, transport, hook-up, and mooring and installation of the FPSO Armada Sterling and to refinance Armada D1’s existing bridge loans.

Armada D1 is a joint venture company between Bumi Armada  and Shapoorji Pallonji and Company Limited, India, whose principal activities are owning, chartering and managing ships and vessels, and providing marine support and other offshore services to oil and gas companies.  [19/12/12]

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