Bumi Armada Berhad, a Malaysian offshore oil and gas services provider, reported Tuesday that its subsidiaries Armada Floating Gas Storage Malta Ltd. and Armada Floating Gas Services Malta Ltd. have entered into agreements Monday with ElectroGas Malta Limited to convert, supply, operate and maintain a floating storage unit (FSU) for the project linked to the construction and operation of an liquefied natural gas (LNG) receiving terminal located at Delimara, Malta.
The contracts, effective April 13, are for a firm period of 18 years and 2 months and are valued at approximately $300 million (MYR 1.1 billion). The FSU is scheduled to commence operations in Delimara in 2016.
“These contracts are a significant milestone for Bumi Armada’s new venture in the promising floating LNG business. The project is of national importance to Malta and we are proud of being entrusted to deliver a critical part of this project,” Chan Chee Beng, executive director and the acting CEO of Bumi Armada said in a press release Tuesday.
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