HO CHI MINH CITY: Bumi Armada Bhd and Vietsovpetro have signed a US$700mil deal with Vietnam-based Hoang Long Joint Operating Co for the lease of a floating, production, storage and offloading (FPSO) vessel to be deployed at the Te Giac Trang (TGT) oilfield, off the coast of Vietnam.
The contract will run for seven years, with an option for yearly extensions of up to 15 years.
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