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Bumi Armada lands USD 1.18bn Madura field FPSO contract with Husky-CNOOC

11th December 2014

Bumi Armada has announced today that its wholly-owned subsidiary Bumi Armada Offshore Holdings Limited (BAOHL), together with its joint-venture company, PT Armada Gema Nusantara (PT AGN), have been awarded a contract by HuskyCNOOC Madura Limited (HCML) to supply one floating, production, storage and offloading vessel (FPSO) for the Madura BD Field offshore Indonesia

Bumi Armada lands USD 1.18bn Madura field FPSO contract with Husky-CNOOC offshore Indonesia
The FPSO is expected to commence operations in the Madura BD Field in the fourth quarter of 2016

The Madura BD Field is approximately 65-kilometres east of Surabaya and about 16-kilometres south of Madura Island, offshore Indonesia issued.

The contract is for a firm charter period of 10 years with options of five annual extensions.

The estimated aggregate value of the contract is approximately USD 1.18bn and is expected to contribute positively to the earnings of the Bumi Armada Group for the quarter and financial year ending 31 December 2014, as well as the financial periods thereafter for the duration of the contract.

The FPSO is expected to commence operations in the Madura BD Field in the fourth quarter of 2016.

The award comes after protracted negotiations between HCML and Bumi Armada.

Previous announcement in regard to the award were made by Bumi Armada on 19 August 2014, 14 October 2014, 31 October 2014, 12 November 2014 and 4 December 2014 in respect of a Letter of Intent (LOI) issued by HCML.

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