Vietnam: Bumi Armada Inks Agreement to Finance Conversion and Installation Costs of FPSO Armada

Bumi Armada’s subsidiary, Armada TGT Ltd, signs Facility Agreement with seven financial institutions for facilities totalling USD 341.1 million (MYR1.08 billion equivalent) to finance costs related to the conversion and installation of the FPSO Armada TGT 1 for deployment in the Te Giac Trang Field, offshore Vietnam.

Sumitomo Mitsui Banking Corporation is the coordinating bank, mandated lead arranger, facility agent, security agent and account bank with the following banks as mandated lead arrangers – CIMB Bank Berhad, ING Bank N.V., Maybank Investment Bank Berhad, OCBC Bank (Malaysia) Berhad, RHB Investment Bank Berhad and The Bank of Tokyo-Mitsubishi UFJ Ltd.

Executive Director/CEO of Bumi Armada Berhad, Mr Hassan Basma said, “The financing underpins our ability to deliver on our promises and the increasing confidence in our ability to deliver major projects. We are appreciative of the support and the trust of these financial institutions and look forward to building a long term and mutually beneficial relationship. The successful delivery of this project would not be complete without the support of our client, Hoang Long Joint Operating Company and our alliance partner Vietsovpetro.”

The Malaysia-based international company’s FPSO, Armada TGT 1, was completed on schedule and it achieved first oil on 22 August 2011 with final acceptance received on 30 November. The FPSO Armada TGT 1 is operating in Block 16-1 of the Te Giac Trang field, offshore Vietnam for Hoang Long Joint Operating Company.

Shipbuilding Tribune Staff, December 8, 2011

Share this article

Follow World Maritime News

Posted on December 8, 2011

In Depth>

Events>

<< Jul 2016 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

SEATRADE CRUISE MED 2016

The conference is a leading platform for discussion and debate on issues confronting the cruise industry in the Mediterranean and its adjoining seas…

read more >

SMM 2016

SMM Hamburg 2016 is the leading international forum of the maritime industry.SMM offers the unique chance for exhibitors and trade visitors…

read more >

5th Annual Salvage & Wreck Asia Conference

Hear industry leaders debate:
• Combating piracy in South Asia
• Preparing for industry growth in the cruise ship sector…

read more >

Global Liner Shipping Asia Conference

Alliances analysed – will changes have a positive or negative impact on the industry?
Lloyd’s List/Containerisation International Business Briefing…

read more >