Bumi Armada secures RM1.16b FPSO contract in Vietnam

KUALA LUMPUR: Bumi Armada Bhd's has signed a US$285 million (RM1.16 billion) bare boat charter contract with Hoang Long Joint Operating Company (HLJOC) for the charter of floating production storage offloading (FPSO) Armada TGT 1 in Vietnam.
The contract has a firm charter period from Aug 27, 2018 until Nov 14, 2024.
The FPSO Armada TGT 1 has been chartered by Bumi Armada to HLJOC to operate in the Te Giac Triang (TGT) field offshore Vietnam under a seven-year firm bare boat charter contract dated Sept 1, 2009, which will expire on Aug 26, 2018.
Following the signing of the contract, the FPSO Armada TGT 1 will continue to be chartered to HLJOC at the same location from Aug 27, 2018 until Nov 14, 2024.
The TGT field is owned and operated by HLJOC, which is a partnership between PetroVietnam Exploration Production Corporation, SOCO Vietnam Ltd, OPECO Vietnam Ltd, and PTTEP Hoang-Long Company Ltd.
Commenting on this positive development for the FPSO Armada TGT 1, Bumi Armada executive director and CEO Leon Harland said this contract is a positive result for the group and the stakeholders in the TGT project.
"Since the start in 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% since start up, and produces over 106 million barrels of oil."