Bumi Armada Signs $300m Contract for LNG FSU in Malta

Source: www.gulfoilandgas.com 4/14/2015, Location: Europe

Bumi Armada Berhad through its wholly owned subsidiaries, Armada Floating Gas Storage Malta Ltd (“AFG Storage”) and Armada Floating Gas Services Malta Ltd (“AFG Services”), have, entered into agreements with ElectroGas Malta Limited (“EGM”) for the conversion, supply and operations and maintenance, respectively, of one floating storage unit (“FSU”) for the project relating to the construction and operation of an LNG receiving terminal located at Delimara, Malta (collectively, “Contracts”). The effective date of the Contracts is 13 April 2015.

The Contracts are for a firm period of eighteen (18) years and two (2) months. The estimated aggregate value of the Contracts is approximately USD300 million (equivalent to approximately RM1.1 billion).

The FSU is expected to commence operations in the Delimara, Malta in 2016.

Both AFG Storage and AFG Services, are wholly-owned subsidiaries of Bumi Armada. AFG Storage is principally involved in the business of owning and chartering of ships and vessels among others whilst AFG Services is principally involved in the provision of marine support among others.

AFG Storage has identified an LNG carrier which has been approved by EGM, as the conversion vessel for this project. The acquisition of the LNG carrier is currently being finalised.

EGM has been awarded contracts by Enemalta Corporation (“Enemalta”) for the supply and delivery of natural gas and electricity to Enemalta’s facilities located at Delimara, Malta. Enemalta is the national electricity company of Malta, majority owned by the government of Malta. EGM is a joint venture company whose shareholders comprise Gasol plc, GEM Holdings Limited, Siemens Project Ventures GmbH and SOCAR Trading SA.

The Contracts are expected to contribute positively to the earnings of the Bumi Armada Group for the financial year ending 31 December 2015 as well as the financial periods thereafter for the duration of the Contracts.


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