KUALA LUMPUR: Bumi Armada Bhd
’s joint ventures (JVs) have secured contracts totalling RM578.4mil in India.
In a filing with Bursa Malaysia, Bumi Armada said its JV, Armada C7 Pte Ltd (AC7), had received an award from India’s Oil and Natural Gas Corporation Limited (ONGC) for the bareboat charter lease of the Armada Sterling II FPSO.
Effective from March 8, the lease is for deployment at ONGC’s Cluster-7 Field off the west coast of Mumbai. The terms are being finalised into a contract between ONGC and AC7.
The bareboat charter will run for a fixed three-year period, with an option to extend annually for up to three more years. The fixed three-year contract is valued at US$101.9mil (RM451.4mil).
AC7 is 51% owned by Shapoorji Pallonji Energy Pvt Ltd and 49% by Bumi Armada Offshore Holdings Limited, a wholly-owned subsidiary of Bumi Armada.
ONGC is India's state-owned oil company listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE).
Bumi Armada also announced that its JV company, Shapoorji Pallonji Armada Oil & Gas Services Pte Ltd (India) (SPAOGSPL), had received a notification of award from ONGC for the operation and maintenance (O&M) of the Armada Sterling II FPSO.
The contract, effective from March 8, covers the vessel deployed at ONGC's Cluster-7 Field off the west coast of Mumbai. The O&M contract will run for a fixed three-year period, with an annual option to extend for up to three additional years.
The firm three-year O&M contract has an estimated total value of 2.5 billion rupees (RM127mil).
SPAOGSPL is 60% owned by Shapoorji Pallonji Energy Pvt Ltd and 40% by Bumi Armada (Singapore) Pte Ltd, a wholly-owned subsidiary of Bumi Armada.
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