Bumi Armada has signed a contract to provide a floating production, storage and offloading vessel for Italian major Eni's East Hub project at the oil-rich Block 15/06 off Angola.
The signing formalises an award that saw a letter of intent signed in April and which Upstream had predicted in January.
Bumi is providing the floater under a 12-year charter, operations and maintenance contract worth an aggregate value of around $3 billion, or $3.9 billion if all eight years' worth of options are exercised.
Due on stream in the fourth quarter of 2016, the floater will be equipped to store 1.8 million barrels of oil, with the capacity to handle 80,000 barrels per day of oil production.
It is the first time Bumi Armada will convert a Very Large Crude Carrier into an FPSO.