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Thursday, April 16, 2015
Bumi Armada Berhad’s subsidiaries Armada Floating Gas Storage Malta Ltd. and Armada Floating Gas Services Malta Ltd. have entered into agreements with ElectroGas Malta regarding a FSU unit. Under the agreement the subsidiaries will convert, supply, operate and maintain a FSU for the project linked to the construction and operation of a LNG receiving terminal.
The contracts, effective April 13, are for a firm period of 18 years and 2 months and are valued at approximately $300 million. The FSU is scheduled to commence operations offshore Malta in 2016 the company said in a statement.
“These contracts are a significant milestone for Bumi Armada’s new venture in the promising floating LNG business. The project is of national importance to Malta and we are proud of being entrusted to deliver a critical part of this project,” Chan Chee Beng, executive director and the acting CEO said in the same statement.
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