Malaysian company Bumi Armada has signed a new bareboat charter contract with Hoang Long Joint Operating Company for the charter of its FPSO Armada TGT 1 for a further six years.
The latest contract is a direct continuation of the FPSO’s current contract which will expire on August 26, and will see the FPSO work in the Te Giac Triang field offshore Vietnam until November 2024.
Hoang Long Joint Operating Company is a partnership between PetroVietnam, SOCO Vietnam, OPECO Vietnam and PTTEP.
“This contract is a positive result for the Group and the stakeholders in the TGT project. Since her start in August 2011, FPSO Armada TGT 1 has shown great safety performance, with no lost time incident in seven years, with an average oil and gas uptime availability of over 99% since start up, and produces over 106 million barrels of oil. We thank HLJOC partners for their continuing trust in our production services,” said Leon Harland, CEO of Bumi Armada.