Bumi Armada secured a $285m contract extension for its FPSO Armada TGT 1 floating production storage and offloading (FPSO) vessel that is currently working offshore Vietnam.Bumi Armada said the bareboat charter contract with Hoang Long Joint Operating Company (HLJOC) had been extended for a futher six years from August 27, 2018 until November 14, 2024, extending the original seven-year contract initially signed in 2009 which expired on August 26.The FPSO Armada TGT 1 has been working in the HLJOC-owned and operated Te Giac Triang (TGT) field offshore Vietnam and has produced good results, Bumi Armada said in a press release.HLJOC is a partnership between PetroVietnam Exploration Production Corporation, SOCO Vietnam, OPECO Vietnam, and PTTEP Hoang-Long Company.Bumi Armada ed and ceo Leon Harland said: “This contract is a positive result for the group and the stakeholders in the TGT project. Since her start in August 2011, FPSO Armada TGT 1 has shown great safety performance, with no lost time incident in seven years, with an average oil and gas uptime availability of over 99% since start up, and produces over 106m barrels of oil. We thank HLJOC partners for their continuing trust in our production services.”
Published: 07-08-2018
