Bumi Armada picks up $300m Malta FSU deal


Bumi Armada continues to make inroads into overseas markets, with its Malta units Armada Floating Gas Storage Malta Ltd (AFG Storage) and Armada Floating Gas Services Malta Ltd (AFG Services) picking up a $300m floating storage unit (FSU) deal with ElectroGas Malta.

Bumi Armada said in a stock market announcement that the deal was for the conversion, supply, and operations as well as maintenance of an FSU in a project related to the construction and operation of a LNG receiving terminal located at Delimara, Malta. The contract has a duration of 18 years and two months with the FSU expected to commence operations in Delimara, Malta in 2016.

“AFG Storage has identified an LNG carrier which has been approved by ElectroGas Malta, as the conversion vessel for this project. The acquisition of the LNG carrier is currently being finalised,” said Bumi Armada.

The company expects the contracts to contribute positively to earnings starting from the financial year ending 31 December 2015.

Source from : Seatrade Global