Bumi Armada, HMCL Extend Period to Execute Madura BD FPSO Contract
Malaysia-based Bumi Armada Berhad (Bumi Armada or the Company) referred Tuesday to an announcement it made Aug. 19 that Husky-CNOOC Madura Limited (HCML) had via a Letter of Intent (LOI) dated Aug. 8, confirmed their intention to award a contract to a consortium comprising the Company’s wholly-owned subsidiary, Bumi Armada Offshore Holdings Limited and its joint venture company, PT Armada Gema Nusantara (collectively referred to as the Consortium) to supply one floating, production, storage and offloading vessel (FPSO) to HCML at a contract value of $1.18 billion (equivalent to approximately MYR 3.76 billion) for a fixed period of 10 years with options of 5 annual extensions worth an aggregate value of $147 million (equivalent to approximately MYR 469 million), if the options are fully exercised by HCML, subject to finalization of the terms and conditions and signing of the FPSO Lease Contract (the Contract).
Bumi Armada wishes to announce that Husky-CNOOC Madura Limited and the Consortium have mutually agreed via an Amendment of Letter of Intent dated Oct. 9, to extend the period for the execution of the Contract. Accordingly, the LOI shall terminate upon the earlier of:
(a) On Oct. 31, subject to such extension as may be mutually agreed between HCML and the Consortium; or
(b) Upon signing of the Contract.
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