Offshore supply vessel Armada Tuah 303
KUALA LUMPUR: Bumi Armada Bhd
’s unit Armada Cabaca Ltd has clinched a syndicated facility worth up to US$1.12bil (RM4.8bil) from several lenders.
The offshore oilfield services provider told Bursa Malaysia that the facility comprised a term loan facility, a standby letter of credit facility, and a bank guarantee facility.
The lenders of the facility are Credit Industriel et Commercial, Intesa Sanpaolo SpA, KfW IPEX-Bank GmbH, The Korea Development Bank, National Bank of Abu Dhabi PJSC, Natixis, Oversea-Chinese Banking Corp, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
The principal activities of Armada Cabaca, which was incorporated in the Marshall Islands, are as ship owners, charterers, managers of ships and vessels, marine support and other services to offshore oil & gas companies.
Armada Cabaca will charter its floating production, storage and offloading (FPSO) vessel, Armada Olombendo, to Eni Angola SpA pursuant to a contract dated Aug 19, 2014 entered into by Bumi Armada’s unit Bumi Armada Offshore Holdings Ltd and a joint-venture company, Angoil Bumi JV Lda, as a consortium, to provide FPSO services for the Block 15/06 East Hub Field Development located offshore Angola.
Bumi Armada, which is 8.75% owned by the Employees Provident Fund, said the facility was intended, among others, for Armada Cabaca to part-finance the project and reimburse all costs and expenses in relation to the purchase, conversion, refurbishment, mobilisation, transportation, hook-up, mooring and installation of the FPSO.
Bumi Armada shares closed unchanged at RM1.04 on Monday, with 6.652 million shares changing hands.
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