Armada TGT Ltd (Armada TGT), a wholly owned subsidiary of Bumi Armada Berhad (Bumi Armada) has signed a Bare Boat Charter Contract with Hoang Long Joint Operating Company (HLJOC) for the charter of FPSO Armada TGT 1 with a firm charter period from 27 August 2018 until 14 November 2024 (Contract) with a contract value of USD285 million (approximately RM1.16 billion*).

Bumi Armada Berhad signs 6-year firm bare boat charter contract with HLJOC for FPSO Armada TGT 1 in Vietnam
Caption: FPSO Armada TGT 1 - Image courtesy of Bumi Armada

The FPSO Armada TGT 1 has been chartered by Armada TGT to HLJOC to operate in the Te Giac Triang field (TGT field) offshore Vietnam under a seven-year firm Bare Boat Charter Contract dated 1 September 2009 which will expire on 26 August 2018. Following the signing of the Contract, the FPSO Armada TGT 1 will continue to be chartered to HLJOC at the same location from 27 August 2018 until 14 November 2024.

The TGT field is owned and operated by HLJOC, which is a partnership between PetroVietnam Exploration Production Corporation, SOCO Vietnam Ltd., OPECO Vietnam Ltd., and PTTEP Hoang-Long Company Limited.

Commenting on this positive development for the FPSO Armada TGT 1, Executive Director and Chief Executive Officer for Bumi Armada, Mr. Leon Harland said, “This contract is a positive result for the Group and the stakeholders in the TGT project. Since her start in August 2011, FPSO Armada TGT 1 has shown great safety performance, with no lost time incident in seven years, with an average oil and gas uptime availability of over 99% since start up, and produces over 106 million barrels of oil. We thank HLJOC partners for their continuing trust in our production services.”

* Based on BNM exchange rate as of 3 rd August 2018

Source: Bumi Armada