Bumi Armada nets RM1bil Malta deal

KUALA LUMPUR: Bumi Armada Bhd has won contracts worth US$300mil (RM1.1bil) from ElectroGas Malta Ltd for the conversion, supply and operations and maintenance of a floating storage unit (FSU).

The offshore oil and gas services provider told Bursa Malaysia on Tuesday that the contracts, awarded to its units Armada Floating Gas Storage Malta Ltd and Armada Floating Gas Services Malta Ltd, were for a firm period of 18 years and two months.

Armada Floating Gas Storage has identified a liquefied natural gas carrier which had been approved by ElectroGas as the conversion vessel for this project. The acquisition of the carrier is being finalised.

The FSU is expected to start operations in Delimara, Malta, next year.

ElectroGas has been awarded contracts by Malta’s state-owned national electricity company Enemalta Corp to supply and deliver natural gas and electricity to Enemalta’s facilities in Delimara. ElectroGas is a joint venture company whose shareholders comprise Gasol plc, Gem Holdings Ltd, Siemens Project Ventures GmbH and Socar Trading SA.