SeahorseOilJobs.com Bi-Weekly Energy News Choice (End 29 June 2008)

Date:  June 18, 2008                                  

Source: http://www.rigzone.com/news/article.asp?a_id=63167

Bumi Armada Wins Nigerian FPSO Contract with Eni's Agip

Malaysia-based international company Bumi Armada Berhad was awarded a contract to provide a floating production, storage and offloading (FPSO) vessel to Nigerian Agip Exploration Ltd (NAE), a subsidiary of Italian oil major Eni SpA. Bumi Armada beat two other major international FPSO contractors to win the five year fixed time charter with a five year extension period for the leasing and operation of a one million barrel storage capacity FPSO to work the Oyo field (OML 120), 70 km off the coast of Nigeria.

"This new contract underscores our increasing competence in the execution of large and fast track projects," said Bumi Armada Berhad CEO Hassan Basma. "Our quick refurbishment of our first FPSO Armada Perkasa last year in record time of 12 months from contract to arrival on site is a testament to our team's increasing competence in design, engineering, conversion and refurbishment, project management and procurement capabilities. Clients are now beginning to recognize this."

The company has acquired the Romanian-built vessel 'Histria Crown' for the conversion into an FPSO with 45,000 BLPD processing capacity and storage capacity of 1 million barrels of processed oil. Water and Gas injection capabilities will be included in the FPSO's Topside. This new FPSO will be known as the 'Armada Perdana,' and First Oil is expected in July 2009.