Bumi Armada Bhd expects earnings to pick up after its 49.99% owned Forbes Bumi Armada Offshore Ltd (FBAOL) sealed a floating production, storage and offloading (FPSO) contract.
“The contract is for an FPSO to be operated by FBAOL on the ONGC D1 field located 200km off the west coast of Mumbai, India and it is for a seven-year fixed term time charter with a further six year annual extension period at ONGC’s discretion,” it said.
Bumi Armade expected the contract -- which is ONGC’s first ever FPSO contract award -- to contribute positively towards Bumi Armada group’s future earnings.
“The contract is for an FPSO to be operated by FBAOL on the ONGC D1 field located 200km off the west coast of Mumbai, India and it is for a seven-year fixed term time charter with a further six year annual extension period at ONGC’s discretion,” it said.
Bumi Armade expected the contract -- which is ONGC’s first ever FPSO contract award -- to contribute positively towards Bumi Armada group’s future earnings.
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