Bumi Armada, EGM agree on FSU offshore Malta

Offshore staff

SINGAPORE - Two Bumi Armada Berhad subsidiaries have reached agreements with ElectroGas Malta Ltd. (EGM) for the conversion, supply and operations, and maintenance of one floating storage unit.

Armada Floating Gas Storage Malta Ltd. (AFG Storage) and Armada Floating Gas Services Malta Ltd. (AFG Services) intend for the unit to be used at its Delimara, Malta project, where an LNG receiving terminal is planned.  The FSU is expected to commence operations in Delimara, Malta in 2016.

The contracts are for a firm period of 18 years and two months, and have an estimated aggregate value of approximately $300 million.

AFG Storage has identified an LNG carrier to serve as the conversation vessel for this project, and approval has been given by EGM. The acquisition of the LNG carrier is currently being finalized.

Malta’s national electricity company, Enemalta Corp., awarded EGM contracts for the supply and delivery of natural gas and electricity to Enemalta’s facilities located at Delimara, Malta. EGM is a joint venture company whose shareholders comprise Gasol PLC, GEM Holdings Ltd., Siemens Project Ventures GmbH, and SOCAR Trading SA.

04/15/2015

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