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KUALA LUMPUR: Bumi Armada Bhd
Joint ventures with Shapoorji Pallonji Oil & Gas Pte Ltd in India have secured awards from the country’s state oil company for O&M work related to the Armada Sterling Floating Production, Storage and Offloading (FPSO) vessel in Mumbai.
In the larger of the two awards, the group’s joint venture, Armada D1 Pte Ltd (Singapore), has won a US $ 370 million (RM1.54bil) contract from Oil and Natural Gas Corporation Ltd (ONGC) of India to the Armada Sterling FPSO lease will operate in the ONGC D1 field located 200 km off the west coast of Mumbai.
Armada D1 is 49% owned by Bumi Armada and the remaining 51% owned by Shapoorji Pallonji Oil & Gas.
The lease is for a fixed period of 10 years beginning September 25, 2020, with an annual option to extend it for up to five years.
The ONGC also awarded a second award to Shapoorji Pallonji Armada Oil & Gas Services Pte Ltd (India) for the operation and maintenance of the Navy Sterling FPSO valued at INR9.2bil (approximately RM520k).
This JV is owned at 60:40 by Shapoorji Pallonji Oil & Gas and Bumi Armada.
The contract is for a fixed period of 10 years, effective as of September 25, 2020, with an annual option to extend the contract for up to five years.
The trading of Bumi Armada shares was interrupted today from 9.16 to 10.16 hours. Following the resumption of trading, the accountant rose 0.5 sen to 26.5 sen per share on the back of 36 million units traded.
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