NIGERIA – BUMI ARMADA SELLS THE FPSO ARMADA PERDANA FOR $40 MILLION

Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad announced its wholly-owned subsidiary Armada Oyo Limited (AOL) has entered into an agreement with Century Energy Services Limited (CESL) for the sale of the Armada Perdana FPSO for a consideration of USD40 million. CESL plans to redeploy the vessel to another field in Nigeria. The conclusion of the sale of the Armada Perdana FPSO will absolve the Group from its demobilisation obligations. The Group will recognise the unpaid portions of the Purchase Price as and when funds are received from CESL.. The Armada Perdana FPSO has been out of contract in Nigeria since its previous charterer, Erin Petroleum Nigeria Ltd, along with its parent company Erin Energy Corporation, filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in April 2018.
The FPSO Armada Perdana can process up to 40,000 barrels of oil per day, with a storage capacity of one million barrels of oil.
Bumi Armada Berhad is a Malaysia-based international offshore energy facilities and services provider with a presence spread across three continents, supported by over 1,500 people from over 38 nationalities. Bumi Armada Berhad provides offshore services via two business units – Floating Production and Offloading (FPO) and Offshore Marine Services (OMS).
(Source: Bumi Armada)