ID :
210496
Fri, 09/30/2011 - 16:05
Auther :
Shortlink :
https://oananews.org//node/210496
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MALAYSIA FIRM SEALS US$457 MILLION OFFSHORE VESSEL AUSTRALIA DEAL
KUALA LUMPUR, Sept 30 (Bernama) -- Bumi Armada Bhd, Malaysia's largest owner and operator of offshore support vessels, has signed a RM1.46 billion (US$457.9 million) contract with Apache Energy Ltd to supply and operate a floating production storage and offloading (FPSO) vessel in north-west Australia.
Bumi Armada executive director-cum chief executive officer Hassan Basma said the contract is for an initial four-year fixed-term time charter with an option of a further four-year annual extension period.
"The contract value is expected to contribute positively to the revenue and earnings of Bumi Armada for the financial year ending Dec 31, 2011," he told reporters at the contract signing ceremony here on Friday.
He said the contract would increase the company's order book value to more than RM7 billion (US$2.195 billion).
"Work has already begun on refurbishing an existing FPSO vessel and delivery is expected to be in the first quarter of 2014," he added.
Hassan said the company intends to increase the number of FPSO vessels in line with its target of being the leader among global FPSO service providers.
Bumi Armada is the fourth largest FPSO service provider globally with 80 per cent of revenue coming from its overseas business and the remainder through local contracts.
The company currently owns five FPSO vessels, two located in Nigeria and one each in Vietnam, India and Australia.
Apart from the Apache contract, Hassan said the company is also aiming to secure at least one FPSO contract from local petroleum production sharing contractors.
Bumi Armada executive director-cum chief executive officer Hassan Basma said the contract is for an initial four-year fixed-term time charter with an option of a further four-year annual extension period.
"The contract value is expected to contribute positively to the revenue and earnings of Bumi Armada for the financial year ending Dec 31, 2011," he told reporters at the contract signing ceremony here on Friday.
He said the contract would increase the company's order book value to more than RM7 billion (US$2.195 billion).
"Work has already begun on refurbishing an existing FPSO vessel and delivery is expected to be in the first quarter of 2014," he added.
Hassan said the company intends to increase the number of FPSO vessels in line with its target of being the leader among global FPSO service providers.
Bumi Armada is the fourth largest FPSO service provider globally with 80 per cent of revenue coming from its overseas business and the remainder through local contracts.
The company currently owns five FPSO vessels, two located in Nigeria and one each in Vietnam, India and Australia.
Apart from the Apache contract, Hassan said the company is also aiming to secure at least one FPSO contract from local petroleum production sharing contractors.
