ONGC floater deal for joint venture

Earlier delivery: Armada Sterling

BUMI ARMADA

Steve Marshall

 18 February 2013 13:35 GMT

Malaysian-Indian joint venture SP Armada Oil Exploration has won a $740 million FPSO conversion contract from India’s Oil & Natural Corporation (ONGC).

The floating production, storage and offloading vessel will be deployed on the Cluster-7 field complex off western India under a fixed nine-year contract with the Indian state-owned oil company, with extension options for an seven years worth up to an additional $340 million.

It is the second FPSO award from ONGC for the venture, which is jointly owned by Malaysian oilfield services player Bumi Armada and Indian partner Shapoorji Pallonji.

The vessel, to be operated by SP Armada, will have minimum storage capacity of 510,000 barrels of oil with work to start immediately on converting a vessel and delivery scheduled in 21 months’…

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