Bumi Armada offloads FPSO to Century Energy Services

Kuala Lumpur-based floater player Bumi Armada has struck a $40-million deal to sell its Armada Perdana floating production, storage and offloading vessel to Nigerian company Century Energy Services.

The FPSO has been out of contract in Nigeria since its previous charterer, Erin Petroleum, and its parent company Erin Energy Corporation, filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in April 2018.

Century Energy plans to redeploy the FPSO to another field in Nigeria. The purchase price comprises a deposit of $5.5 million to be paid by Century Energy to Bumi’s subsidiary Armada Oyo.

Of this amount, $4.5 million of this has already been paid with the remaining $1 million payable before the end of 2019. A further $11.6 million will be used to settle amounts owing.

 

Source: Upstream

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