Notification Of Award For The Charter Hiring Of One (1) Floating Production, Storage And Offloading Vessel

05th May 2019

Bumi Armada Berhad (“Bumi Armada” or the “Company”) is pleased to announce that its joint venture company, Shapoorji Pallonji Bumi Armada Godavari Private Limited (“SPBAG”) had on 2 May 2019 received a Notification of Award ("NOA") from Oil and Natural Gas Corporation Limited ("ONGC") of India, for the charter hire and operations of one (1) Floating Production, Storage and Offloading Vessel ("FPSO") (the "Contract").

SPBAG is a 30:70 joint venture between Bumi Armada and Shapoorji Pallonji Oil & Gas Private Limited of India. ONGC is India's state owned oil company listed on the Bombay Stock Exchange and the National Stock Exchange of India Ltd.

DETAILS OF THE CONTRACT

The Contract is for a fixed period of nine (9) years, valued at approximately USD2.1 billion (equivalent to approximately RM8.8 billion). ONGC has an option to extend the Contract for an additional seven (7) years on a yearly basis at an aggregate contract value of approximately USD655 million (equivalent to approximately RM2.7 billion), if all the extension options are exercised.

The Contract will be operated by SPBAG for the ONGC NELP Block KG – DWN 98/2 Development Project Cluster-II field located on the east coast of Kakinada, offshore India.

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