Bumi Armada Gets LOIA to Supply FPSO for Kraken Project

Bumi Armada Berhad, a Malaysia-based offshore oilfield services company, announced Friday that EnQuest Heather Limited together with EnQuest ENS Limited, First Oil and Gas Limited, Nautical Petroleum Limited and Nautical Petroleum AG have through a Letter of Interim Agreement (LOIA) confirmed their intention to award a contract for the supply and operations of a floating production, storage and offloading vessel (FPSO) to Bumi Armada UK Limited (Bumi Armada UK), a wholly-owned subsidiary of Bumi Armada.

"The LOIA is construed as an Interim Agreement under which Bumi Armada UK and/or its affiliates is to proceed to commence work related to the Contract ahead of the final award and is subject to successful negotiations of the commercial terms and execution of the Contract expected before Nov. 30," Bumi Armada said in an announcement on local exchange Bursa Malaysia.

The FPSO is for deployment to the Kraken oil field, which is located in Block 9/2b in the UK sector of the North Sea.

EnQuest Heather and EnQuest ENS are wholly-owned units of EnQuest Plc, which is a 60 percent owner and operator of the Kraken oil project. Cairn Energy plc and First Oil Plc hold 25 percent and 15 percent in the project, respectively.

Nautical Petroleum Limited and Nautical Petroleum AG are wholly-owned subsidiaries of Cairn Energy, while First Oil and Gas Limited is part of First Oil - an independent exploration and production company based in Aberdeen, UK.

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