“We view the extension positively towards Bumi’s earnings visibility, ” JF Apex said, adding that the contract extension would have been signed earlier, if not for the Covid-19 pandemic.
KUALA LUMPUR: Two Bumi Armada Bhd
joint venture companies have been awarded contracts worth RM2bil by India’s state-owned Oil and Natural Gas Corp Ltd (ONGC). Bumi Armada is an international offshore energy facilities and services provider.JV Armada D1 Pte Ltd (Singapore)’s contract is for the bareboat charter lease of the Armada Sterling floating production storage and offloading vessel.
The Armada Sterling FPSO is to be operated in the ONGC D1 field located 200km off the west coast of Mumbai. This is a 10-year contract with an annual option to extend for up to another five years. ONGC is listed on the Bombay Stock Exchange and the National Stock Exchange of India.
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