Bumi Armada Bags Two PSV Contracts in Angola

Malaysia-based international offshore oilfield services provider has secured contracts from Interoil Angola Limitada two Platform Supply Vessels. 

Interoil has hired the Malaysian company’s Armada Tuah 306 and Armada Tuah 302 vessels respectively. The PSVs will be supporting Total E&P Angola on the drilling campaign on Block 32 offshore Angola.  The contracts for both vessels are worth USD 16 million in aggregate (equivalent to approximately RM 52.6 million) for an initial operation period of one year firm, with four options of six months each at an aggregate value of USD 32 million (equivalent to approximately RM 105.2 million) if the options are fully exercised by Interoil.

CEO of Bumi Armada,  Hassan Basma said, “Angola is a critical market in West Africa and produces 1.7 million bopd. These contracts underline our expanding footprint in West Africa and the increasing importance of Angola to our operations.”

Measuring 75m in length, Armada Tuah 306 and Armada Tuah 302, are ABS -classed PSVs, equipped with DP2* capabilities and fitted with fixed pitch propeller (FPP) Azimuth Thrusters, an arrangement in which the propeller is placed in pods that can be rotated in any horizontal direction.

With 700 sqm free deck space for loading of food and materials, both vessels are able to transport liquid mud, brine, fuel oil, fresh water and dry bulk. In addition to that, the Armada Tuah 306 also has capability to transport methanol. While the one-year old Armada Tuah 302 will be repositioned to Angola for this assignment, this will be the maiden voyage and assignment for the Armada Tuah 306. Both contracts are expected to contribute positively to the revenue and earnings of the Bumi Armada Group for the financial year ending Dec 2014, and the financial period thereafter for the duration of the contracts.

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January 23, 2014