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April 16, 2020

Bumi Armada says India FPSO contract extension delayed over Covid-19 lockdown

Bumi Armada said that the floating production storage and offloading (FPSO) vessel contract awarded to its joint venture with an India partner has been extended due to the Covid-19 lockdown.

By Srivani Venna

Bumi Armada said that the floating production storage and offloading (FPSO) vessel contract awarded to its joint venture with an India partner has been extended due to the Covid-19 lockdown.

The contract was awarded to Shapoorji Pallonji Bumi Armada Offshore Private (SPBAOPL) by India’s state-owned Oil and Natural Gas Corporation (ONGC).

In a filing with Bursa Malaysia, the company said: “According to ONGC, approval for formalisation of the contract extension has been delayed due to the Covid-19 lockdown in India.”

The charter is due to expire on 20 April, and ONGC had requested SPBAOPL to consult with the relevant authorities to secure permits and an extension in order to continue on-site operations.

ONGC originally chartered the Armada Sterling FPSO for seven years, with six annual extension options. The vessel has been operating in the ONGC D1 field situated 200km off the west coast of Mumbai.

SPBAOP is a joint venture between Bumi Armada and Shapoorji Pallonji Oil and Gas.

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Malaysia-based Bumi Armada owns 49% less one share in SPBAOPL, while the remaining 51% plus one share is held by Shapoorji Pallonji Oil and Gas Private Ltd of India.

Bumi Armada provides international offshore energy facilities and services with a presence in more than ten countries across four continents.

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