Bumi Armada Wins Third FPSO Project in India

Bumi Armada FPSOIllustration; Source: Flickr – under the CC BY 2.0 license; Image by: Frans Berkelaar

Malaysia-based Bumi Armada has secured a contract from India’s Oil and Natural Gas Corporation Ltd (ONGC) to provide a floating production, storage and offloading (FPSO) vessel.

Namely, the company’s joint venture Shapoorji Pallonji Bumi Armada Godavari Private Limited
(SPBAG) received a Notification of Award for the FPSO, that will operate off the west coast of Kakinada, India.

The charter hire and operations deal is for a fixed period of nine years, valued at around USD 2.1 billion (MYR 8.8 billion). ONGC has the option to extend the contract for up to seven years. On an annual basis and if fully exercised, the extensions would be worth USD 655 million (MYR 2.7 billion).

“The JV with SPOGPL has been a very successful partnership, this being our third FPSO project together in India and fourth in total,” Leon Harland, Executive Director and Chief Executive Officer, said.

“This is a positive result for the group and the project will add value to Bumi Armada going forward,” Harland added.

SPBAG is a 30:70 joint venture between Bumi Armada and Shapoorji Pallonji Oil & Gas Private Limited of India.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
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 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >