Armada TGT Ltd (“Armada TGT”), a wholly owned subsidiary of Bumi Armada Berhad has signed a Bare Boat Charter Contract with Hoang Long Joint Operating Company (“HLJOC”) for the charter of FPSO Armada TGT 1 with a firm charter period from 27 August 2018 until 14 November 2024 (“Contract”) with a contract value of USD285 million (approximately RM1.16 billion*).

The FPSO Armada TGT 1 has been chartered by Armada TGT to HLJOC to operate in the Te Giac Triang field (“TGT field”) offshore Vietnam under a seven-year firm Bare Boat Charter Contract dated 1 September 2009 which will expire on 26 August 2018. Following the signing of the Contract, the FPSO Armada TGT 1 will continue to be chartered to HLJOC at the same location from 27 August 2018 until 14 November 2024.

The TGT field is owned and operated by HLJOC, which is a partnership between PetroVietnam Exploration Production Corporation, SOCO Vietnam Ltd., OPECO Vietnam Ltd., and PTTEP Hoang-Long Company Limited.

Commenting on this positive development for the FPSO Armada TGT 1, Executive Director and Chief Executive Officer for Bumi Armada, Mr. 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 106 million barrels of oil. We thank HLJOC partners for their continuing trust in our production services.”

* Based on BNM exchange rate as of 3

About Bumi Armada

Bumi Armada Berhad is a Malaysia-based international offshore energy facilities and services provider with a presence in over 17 countries spread across five continents, supported by over 1,700 people from over 49 nationalities.

Bumi Armada Berhad provides offshore services vis two business units – Floating Production and Operations (oil and gas solutions) and Offshore Marine Services (“OMS”) (encompassing the Offshore Support Vessels (“OSV”) and the Subsea Construction (“SC”) services). The two business units are in turn supported by three support units, namely FPSO Sales, Major Projects and Technology & Development.

Bumi Armada is the fifth largest FPSO player in the world and an established OSV owner and operator, with extensive experience across Asia, Africa and Latin America.