Bumi Armada's Units Bag $16M Deal to Supply 2 PSVs to Interoil Angola

Malaysia-based international offshore oilfield services provider Bumi Armada Berhad revealed Thursday that its wholly-owned subsidiaries, Armada Offshore OSV Limited and Bumi Armada (Labuan) Ltd have received Letters of Award (LOA) from Interoil Angola Limitada, a leading player in offshore accommodation in West Africa for the charter of two Platform Supply Vessels (PSVs), Armada Tuah 306 and Armada Tuah 302 respectively. The PSVs will be supporting Total E&P Angola on the drilling campaign on Block 32 offshore Angola.

The contracts for both vessels are worth $16 million in aggregate (equivalent to approximately MYR 52.6 million) for an initial operation period of one year firm, with four options of six months each at an aggregate value of $32 million (equivalent to approximately MYR 105.2 million) if the options are fully exercised by Interoil.

CEO/Executive Director of Bumi Armada, Hassan Basma said, “Angola is a critical market in West Africa and produces 1.7 million barrels of oil per day (bopd). These contracts underline our expanding footprint in West Africa and the increasing importance of Angola to our operations.”

Measuring 246 feet (75 meters) in length, Armada Tuah 306 and Armada Tuah 302, are American Bureau of Shipping (ABS)-classed PSVs, equipped with dynamic positioning (DP) 2 capabilities and fitted with fixed pitch propeller (FPP) Azimuth Thrusters, an arrangement in which the propeller is placed in pods that can be rotated in any horizontal direction.

7,534 square feet With (700 square meters) free deck space for loading of food and materials, both vessels are able to transport liquid mud, brine, fuel oil, fresh water and dry bulk. In addition to that, the Armada Tuah 306 also has capability to transport methanol.

While the one-year old Armada Tuah 302 will be repositioned to Angola for this assignment, this will be the maiden voyage and assignment for the Armada Tuah 306.

Both contracts are expected to contribute positively to the revenue and earnings of the Bumi Armada Group for the financial year ending December 2014, and the financial period thereafter for the duration of the contracts.

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