Bumi Armada Snags USD 300 Million Malta LNG Contracts
- Business & Finance
Malaysia-based offshore oil & gas services provider Bumi Armada has through its Maltese subsidiaries entered into USD 300 million agreements with ElectroGas Malta Limited (EGM) for the conversion, supply and operations and maintenance of one floating storage unit (FSU).
Armada Floating Gas Storage Malta and Armada Floating Gas Services Malta have agreed to deliver the FSU to EGM in 2016, which once completed will start operations at an LNG receiving terminal located at Delimara, Malta.
The effective date of the contracts is April 13, 2015, covering a firm period of 18 years and 2 months.
Chan Chee Beng, Executive Director and the Acting Chief Executive Officer of Bumi Armada, said: “These contracts are a significant milestone for Bumi Armada’s new venture in the promising floating LNG business. The project is of national importance to Malta and we are proud of being entrusted to deliver a critical part of this project.”