Malaysia: SP Armada Receives NOA from ONGC

Malaysia-based international offshore oil and gas services provider, Bumi Armada Berhad has announced that its jointly controlled entity, SP Armada Oil Exploration Private Limited (SP Armada) has received a Notification of Award (NOA) from Oil and Natural Gas Corporation Limited ( ONGC) for charter hiring of a Floating Production, Storage and Offloading Vessel (FPSO) for the Cluster-7 field in India.

The contract, valued at approximately USD 740 million with an additional USD 340 million for the optional extension period, is for a fixed period of nine years.

The FPSO will have minimum storage of 510,000 barrels of oil, and will be equipped with oil production and stabilization, water injection, gas compression/dehydration to meet gas lift/injection and sales requirements, and internal weathervaning turret.

Delivery of the FPSO will be within 21 months from the date of the award.

Press Release, February 18, 2013