Malaysia's Bumi Armada Berhad, an international offshore oilfield services provider, referred Friday to the firm's announcement dated Dec. 11, 2014 in relation to the execution of a charter contract between an unincorporated consortium comprising Bumi Armada Offshore Holdings Limited (BAOHL), a wholly-owned subsidiary of Bumi Armada, and PT Armada Gema Nusantara (PT AGN) (a joint venture company of BAOHL and PT Gema Marine Service (PT GMS)) (BAOHL and PT AGN are collectively referred to as the Consortium), and Husky-CNOOC Madura Limited (HCML) Dec. 10, 2014 for the provision of a floating production, storage and offloading vessel facility (FPSO) for charter and deployment at the Madura BD Field in the Madura Strait, Offshore East Java, Indonesia (Field) and the operation and maintenance of the FPSO (Charter Contract).
Pursuant to the Charter Contract, the Consortium shall provide, operate and maintain the FPSO for charter and deployment at the Field. With an estimated aggregate value of approximately $1.18 billion (equivalent to approximately MYR 4.29 billion), the Charter Contract is for a firm charter period of 10 years with options of five annual extensions. The FPSO is expected to commence operations at the Field in the first quarter of 2017.
It is anticipated that PT AGN will be the Consortium leader in connection with the Charter Contract.
On behalf of the Board of Directors (Board) of Bumi Armada, CIMB Investment Bank Berhad (CIMB) wishes to announce that:
In relation thereto, the JV Partners and Armada Madura, have today, entered into a shareholders’ agreement with respect to the Joint Venture (FPSO Project SHA).
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