Malaysia's offshore oilfield services company, Bumi Armada Berhad announced that its wholly-owned Russian subsidiary, Bumi Armada Caspian LLC signed a supplementary agreement worth $178.5 million (MYR 567.6 million) with OOO LUKOIL-Nizhnevolzhskneft (Lukoil) for engineering, procurement, installation and pre-commissioning (EPIC) work in the Filanovsky and Korchagin fields in the Russian sector of the Caspian Sea.
The workscope includes engineering, procurement of the line pipes and associated appurtenances as well as installation and precommissioning of 6 infield/inter-field lines, totaling approximately 25 miles (40 kilometers). The work will be carried out using Bumi Armada's derrick pipelay barge, the Armada Installer, and most of the construction will be carried out and completed in 2015.
This latest contract increases Bumi Armada’s Transport and Installation order backlog to over $629.4 million (MYR 2 billion).
“Lukoil is a repeat customer who is a major player in the Caspian region and the fourth largest privately-owned oil and gas company in the world by proven oil reserves. We are buoyed by this supplementary agreement which underscores their confidence in our ability to deliver and the good working relationship we have developed. This further consolidates our position as an EPIC provider in this region,” Hassan Basma, CEO/executive director of Bumi Armada Berhad said in a company release.
The Lukoil contract comes on the back of other major deals such as the projects for Dubai-based Momentum Engineering with the Armada Installer and for an international oil company with Bumi Armada's subsea umbilicals, risers and flowlines vessel, the Armada Hawk.
The company is currently bidding for similar projects from companies like Dragon Oil and Petrobras.
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