FPSO Armada Perdana Continues Work at Nigeria's Oyo Field Under $381M Deal

Bumi Armada Berhad, a Malaysia-based offshore oilfield services provider, disclosed Wednesday that the firm's wholly-owned subsidiaries Armada Oyo Ltd. (AOL) and Bumi Armada (Singapore) Pte. Ltd. (BASPL) have signed 2 contracts with Oceanic Consultants Nigeria Limited (Oceanic) for the continued deployment of the floating production, storage and offloading (FPSO) Armada Perdana at the Oyo field offshore Nigeria.

Oceanic inked a bareboat charterparty contract with AOL to charter the FPSO and another contract with BASPL for the provision of operational and maintenance services for the vessel, Bumi Armada said in an announcement on local stock exchange Bursa Malaysia.
FPSO Armada Perdana has been working at the Oyo field since 2008 under contracts with the previous field operator Nigerian Agip Exploration Ltd (NAE). The contracts with NAE were terminated by mutual agreement Dec. 31, 2013 as NAE is no longer the field operator. Oceanic will now provide the FPSO and related services to the current operator of the Oyo field, CAMAC Energy Inc.

Both contracts will run for an initial period of 7 years commencing Jan. 1, with options to extend the contracts for 2 additional periods of 12 months each. The total value of the two contracts for the initial period is approximately $381 million (MYR 1.3 billion), with a further aggregate value of $108 million (MYR 360 million) if the extension options are fully exercized by Oceanic.


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