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>


<< Nov 2015 >>
26 27 28 29 30 31 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 1 2 3 4 5 6

Salvage Law & Practice Seminar

Salvage Law & Practice at a glance:
Lloyd’s Open Form – contract design, administration and recent cases
special compensation awards…

read more >

CWC Sixteenth World LNG Summit & Awards Gala Dinner

The summit will provide a perfect opportunity to understand how key players are responding to the price fluctuations and what the outlook…

read more >

International WorkBoat Show

The event offers considerable opportunities to participating business houses to strengthen their business networks, and get familiar with…

read more >

Marintec China 2015, Shanghai, China


Facts & Figures of Marintec China:
• The exhibition spread over 70,000 square metres in Shanghai New International Expo Centre
• Over 1,700 exhibiting companies were participating in the event
• 57,888 quality trade visitors from 88 countries/regions
• 16 national & regional pavilions from Austria, China, Denmark, Finland, France, Germany, Hong Kong SAR, Japan, Korea, the Netherlands, Norway, Singapore, Sweden, Taiwan region, the United States and the United Kingdom were organised

About Marintec China

Marintec China 2015 will be held on 1-4 December 2015 in Shanghai. With increasing worldwide recognition and reputation throughout the past three decades, the exhibition is attracting an increasing number of high-profile exhibitors and visitors from around the world.

Regarded as the only gateway to the Asian maritime market, Marinetech China has become larger than ever! Being the most recognized maritime trade show in Asia, Marintec China is definitely an international marketplace for buyers to source from international sellers showcasing their latest marine, ship design, offshore engineering and port technology.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. Marintec China 2013 has broken all the previous records attracting more than 1,700 exhibiting companies from 32 countries /regions and 16 group pavilions, making it the most international and authorised industry event in Asia. Taking place once every two years, Marintec China 2015 edition is a unique opportunity for suppliers to connect with new customers and re-connect with existing contacts from the region, and final one to present new products and services to the trade visitors and experts from all parts of the world.

Visit Marintec China 2015 website for more details

read more >