Bumi Armada Receives $2.9B FPSO Contract from Eni for Angola's Block 15/06

Article title
Bumi Armada receives a letter of intent from Eni for the supply of an FPSO vessel for deployment to Block 15/06, East Hub offshore Angola.

Malaysia's offshore oilfield services firm Bumi Armada Berhad received a Letter of Intent (LOI) from Eni Angola S.p.A (eni Angola), a wholly-owned unit of Eni S.p.A., for the charter, operation and maintenance of a floating production, storage and offloading vessel (FPSO) to a consortium of Bumi Armada Offshore Holdings Limited (BAOHL, a wholly-owned subsidiary of Bumi Armada) and Angoil Bumi JV Limitada (ABJL*) for deployment at Block 15/06, East Hub located offshore Angola.

Under the LOI dated March 28, Bumi Armada will start engineering and procurement work on the FPSO immediately to prepare the vessel for first oil in late October 2016. The contract is valued at approximately $2.9 billion (equivalent to approximately MYR 9.5 billion).

“This LOI is our second large (capex of more than $1 billion) FPSO award in 6 months and underscores our successful migration into the large-project FPSO sector. This is the second time Eni has turned to Bumi Armada for an FPSO in West Africa and we will continue to collaborate with our tried and tested value-chain, as we have done in the past, to successfully deliver this project for our repeat customer. This project is our first VLCC-tanker conversion. The Armada Ali will be used for conversion. The 15/06 FPSO will be delivered in 31 months and this project will take Bumi Armada’s FPSO fleet  to  eight,  clearly  moving  us  into the  top-tier  of  global  FPSO players,” CEO/Executive Director of Bumi Armada Hassan Basma said in a press release Monday.

* ABJL is an Angolan joint venture company of BAOHL, Angoil Exploracao Petrolifera S.A. and Cosmarg Limitada.

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