Bumi Armada bags US$285m deal

Bumi Armada Bhd’s subsidiary, Armada TGT Ltd, has inked a US$285 million (RM1.16 billion) bare boat charter contract with Hoang Long Joint Operating Co (HLJOC) for the charter of floating production storage and offloading (FPSO) Armada TGT 1.

In a Bursa Malaysia filing yesterday, the company said the FPSO Armada TGT 1 had been chartered to HLJOC to operate in the Te Giac Triang field (TGT field) offshore Vietnam under a sevenyear firm Bare Boat charter contract which will expire on August 26 this year.

Following the signing of the contract, the FPSO Armada TGT 1 will continue to be chartered to HLJOC at the same location from August 27 this year until November 14 2024.

Bumi Armada said the TGT field is owned and operated by HLJOC, a partnership between PetroVietnam Exploration Production Corp, SOCO Vietnam Ltd, OPECO Vietnam Ltd and PTTEP Hoang-Long Co Ltd.

Bumi Armada executive director and chief executive officer Leon Harland said the contract was a positive result for the group and stakeholders in the project.

“Since 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 per cent since start up, and produces over 106 million barrels of oil,” he said.