Bumi Armada Berhad’s wholly-owned subsidiary, Bumi Armada Offshore Holdings Limited ('BAOHL') together with its joint venture company, PT Armada Gema Nusantara (PT AGN) (collectively, the 'Consortium') have been appointed as the FPSO Lease Contractor for the Madura BD Field, Offshore Indonesia via a Letter of Intent issued by Husky-CNOOC Madura Limited ('HCML').

Pursuant to the Letter of Intent (the 'LOI'), the Consortium will supply a Floating Production, Storage and Offloading Vessel to HCML at a contract value of USD1.18 billion (equivalent to approximately RM3.76 billion) for a fixed period of ten (10) years with options of five (5) annual extensions worth an aggregate value of USD147 million (equivalent to approximately RM469 million), if the options are fully exercised by HCML, subject to terms and conditions of the FPSO Lease Contract (the 'Contract') to be finalised and signed within forty-five (45) days from the effective date of the LOI of 8 August 2014 subject to such extension to be mutually agreed between HCML and the Consortium. The Consortium is authorised to commence initial engineering work immediately on issuance of the LOI.

Tags: Bumi Armada Berhad