Thursday, December 8, 2011

#Flash* Bumi Armada subsidiary inks RM1.08b financial facility

KUALA LUMPUR (Dec 8): Bumi Armada Bhd's subsidiary Armada TGT Ltd has inked a US$341.1 million (RM 1.08 billion) facility agreement with seven financial institutions to finance the costs related to the conversion and installation of the FPSO Armada TGT 1 for deployment in the Te Giac Tran Field, offshore Vietnam.

Its chief financial officer Shaharul Rezza Hassan said on Thursday that the facility was for seven years and represented about 80% of its capex value.

Sumitomo Mitsui Banking Corp is the coordinating bank, mandated lead arranger, facility agent, security agent, and account bank with the following banks as mandated lead arrangers, CIMB Bank Bhd, ING Bank N.V., Maybank Investment Bank Bhd, OCBC Bank (M) Bhd, RHB Investment Bank Bhd and The Bank of Tokyo-Mitsubishi UFJ Ltd.

Bumi Armada's FPSO Armada TGT 1 was completed on schedule and it achieved first oil on Aug 22, 2011, with final acceptance received on Nov 30.



No comments:

Post a Comment