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Bumi Armada nets USD 6bn FPSO contract with Eni offshore Angola

20th August 2014

Bumi Armada has announced the signing of a USD 6bn contract between Eni Angola and the consortium of Bumi Armada Offshore Holdings Limited (BAOHL) and Angoil Bumi JV Lda (ABJL), for the chartering, operations and maintenance of a floating production, storage and offloading vessel (FPSO) for deployment at the Block 15/06, East Hub field located in deepwater offshore Angola

Bumi Armada nets USD 6bn FPSO contract with Eni for offshore Angola
The estimated aggregate value of the contract for the firm charter period is approximately USD 3bn, with a further aggregate contract value of USD 0.9bn if Eni Angola exercises all the extension options

The FPSO is expected to commence operations in the Block 15/06 field in the fourth quarter of 2016.

"The contract for the Block 15/06 field marks Bumi Armada’s largest FPSO contract to date, in both contract value as well as the VLCC vessel which we will be using for the conversion, and clearly marks our entrance into the top tier of global FPSO players,” said Hassan Basma, executive director and chief executive officer of Bumi Armada. “Work on the FPSO for the 15/06 field has already commenced in April with the award of the LOI. We are confident of delivering the FPSO on time and on budget in Q4 2016."

The contract is for a firm charter of 12 years with options of eight yearly extensions. The estimated aggregate value of the contract for the firm charter period is approximately USD 3bn, with a further aggregate contract value of USD 0.9bn if Eni Angola exercises all the extension options.

Bumi Armada will be using a VLCC class tanker for the conversion. The FPSO will utilise an external turret with 18 risers and umbilicals connected to the turret. The FPSO will also have a storage capacity of 1,800,000 barrels while having a crude oil production rate of 80,000 bopd oil production, 120,000 bwpd water injection and 120,000 MMscf gas handling capacities.

The fourth generation FPSO will have a topside weight of 15,000 tonnes and will be moored at a water depth of 450 meters.

The effective date of the contract on is 28 March 2014 corresponding to the commencement of the work. 

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