Further Delays in Contract Signing for Madura Field FPSO
Malaysia’s Bumi Armada Berhad (Bumi Armada or the Company) referred Thursday to the announcements it made on Aug. 19, Oct. 14, Oct. 31 and Nov. 12 in respect of the Letter of Intent (LOI) issued by Husky-CNOOC Madura Limited (HCML) for the award of a contract to supply one floating, production, storage and offloading vessel (FPSO) 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 five 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), to a consortium comprising of the Company’s wholly-owned subsidiary, Bumi Armada Offshore Holdings Limited (BAOHL) and its joint venture company, PT Armada Gema Nusantara (PT AGN) (collectively referred to as the Consortium).
Bumi Armada wishes to announce that HCML and the Consortium have mutually agreed to extend the period for the signing of the Contract until Dec. 10.
The extension is to enable parties to procure relevant internal approvals to execute the Contract.
This announcement is dated Dec. 4.
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