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

Posted on December 8, 2011