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>

<< Aug 2015 >>
MTWTFSS
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
31 1 2 3 4 5 6

16th Annual FPSO World Congress 2015

This year, we will bring together more than 750 key stakeholders from oil companies, vessel owners, shipyards, financial organisations…

read more >

Marintec South America

Marintec – South American Maritime Exhibition for Shipbuilding, Platform and Maintenance

As part of the UBM/Seatrade portfolio, Marintec South America is a trade-show for anyone who wants to stay ahead in the maritime market.

Why visit?

  • Be inspired by thousands of products and services on show
  • Find out what´s new in the market by chatting to suppliers and peers
  • Come away with genuine solutions, exciting ideas, and a fresh outlook
  • Pick up new ideas from the experts of industry through our seminar sessions and technical presentation

Why Exhibit in Rio de Janeiro/ Brazil?

  • Rio de Janeiro is the headquarter of Petrobras and its mains shipyards / ship owners
  • Rio de Janeiro is an international reference center for training of professionals for the offshore oil and gas industry
  • Brazil produces over 2 million barrels of oil per day and the offshore production will double this by 2020
  • The Brazilian shipbuilding industry has been grown 19,5% per year since 2000
  • Investments in the industry should exceed BRL 200 billion before 2020
  • The oil and gas industry reached about 12% of the total Brazilian GDP and may reach 20% by 2020
  • The offshore exploration will move R$ 3.7 trillion over the next 30 years and will generate 87 million jobs
  • Petrobras’ total pre-salt needs estimate: 97 platforms, 510 support vessels and 140 oil tankers

Read more about the conference here.

read more >

Salvage & Wreck Asia 2014

At Asia’s only specialist salvage and wreck removal conference, delegates heard from industry leaders on topics including…

read more >

PIANC SMART Rivers Conference

The SMART Rivers Conference is a biennal forum bringing together those involved in river transport form developing and developed countries…

read more >